Transactions - MARCH 13, 2018

Blackstone Real Estate Income Trust acquires $1.8b Canyon Industrial Portfolio

by Andrea Zander

Blackstone Real Estate Income Trust has acquired the Canyon Industrial Portfolio, a 22 million-square-foot portfolio of industrial assets, for approximately $1.8 billion.

The Canyon Industrial Portfolio is comprised of 146 last-mile infill warehouses and distribution buildings with major concentrations in Chicago, Dallas, Baltimore/Washington, D.C., Los Angeles/Inland Empire and South/Central Florida. The assets are of high physical quality and in attractive locations, and the portfolio features a strong, creditworthy tenant mix, including Amazon, FedEx, DHL, Coca-Cola, Fiat Chrysler and the U.S. government.

“The Canyon transaction exemplifies BREIT’s focus on real estate asset classes and geographic markets with attractive fundamentals. BREIT’s portfolio, with its emphasis on stable, income-producing warehouse and apartment assets, is well positioned to benefit from continued tailwinds in these sectors,” said A.J. Agarwal, president of BREIT, and head of U.S. core+ real estate at Blackstone.

With the closing of this acquisition, BREIT’s portfolio totals $7 billion in gross asset value across 272 assets primarily concentrated in 33 million square feet of industrial assets and 17,200 multifamily apartments, with modest exposure to select-service hotels and grocery-anchored shopping centers.

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