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Blackstone Ramps Up Industrial Again

Blackstone's non-traded REIT is acquiring 146 warehouses from a Cabot Properties fund, marking the asset management giant's second $1-billion deal in the industrial sector in a little over a year.

By Paul Bubny | Updated on December 22, 2017

Exterior of warehouse Cabot Industrial Value Fund IV acquired this Northlake, TX warehouse in 2013. (Photo courtesy of Yardi Matrix)

NEW YORK CITY—Three years after reaching a deal to sell its IndCor platform to a partnership of GLP and GIC Pte. Ltd., the Blackstone Group is ramping up again in the US industrial sector. Its non-traded Blackstone Real Estate Income Trust has signed an agreement to buy a 21.7-million-square-foot industrial portfolio from a Cabot Properties fund for approximately $1.8 billion.

When completed, the transaction will represent Blackstone’s biggest deal for US industrial since closing on the $8-billion sale of the IndCor platform in early 2015. In September of 2016, the asset management giant agreed to pay $1.5 billion to acquire a portfolio of 46 West Coast logistics centers from LBA Realty. Earlier this year, BREIT bought six million square feet of mainly infill industrial properties from High Street Realty, paying $402 million.

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