Announced
Completed
Financials
Tags
United States
industrial properties
Real Estate Holding and Development
Acquisition
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Private Equity
Private
Domestic
Completed
Friendly
Single Bidder
Synopsis
Rexford Industrial Realty, industrial real estate firm in Southern California, completed the acquisition of 48 warehouses in Southern California from Blackstone Property Partners, a real estate core plus fund, Blackstone Real Estate Partners, an investment management and advisory services company, and Blackstone Real Estate Income Trust, a perpetual-life, institutional quality real estate investment platform, for $1bn. “These strategic investments in exceptionally well-located, high-quality assets within infill Southern California, the nation’s highest-barrier and lowest supply industrial market, represent a significant opportunity to drive accretive cash flow growth, increased operating margins and long-term value creation. With these transactions, we are pleased to further our Blackstone relationship, and look forward to identifying opportunities for future collaboration. Looking forward, our total pipeline comprises approximately $300 million of investments under contract or accepted offer, bringing the aggregate year-to-date $1.4 billion of investments completed or in the pipeline, to a weighted average 5.0% anticipated initial unlevered cash yield and anticipated 5.7% stabilized unlevered cash yield," Howard Schwimmer and Michael Frankel, Rexford Industrial Realty Co-Chief Executive Officers.
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