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Blackstone Sells Nearly 14M SF of Industrial Properties for $3.1B
June 26, 2023 | Erika Morphy | Globest
Blackstone has signed a definitive agreement with Prologis to sell its nearly 14 million square feet of industrial properties from its affiliated opportunistic real estate funds for $3.1 billion. The acquisition price represents an approximately 4% cap rate in the first year and a 5.75% cap rate when adjusting to today’s market rents, according to the companies. Prologis is paying cash for the assets.
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