September 21, 2016
Blackstone Group LP struck a deal with LBA Realty LLC to acquire the latter’s 12-million-square-foot portfolio of distribution centers situated primarily in the western United States. Upon closing, the transaction will be Blackstone’s largest of U.S. distribution centers since selling IndCor Properties for $8.1 billion in 2015.
Blackstone currently owns 150 million square feet of logistics real estate in Europe. The company is expected to sell the portfolio through an initial public offering, but no formal announcement has been made.
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