Blackstone announces logistics portfolio recapitalization

The Blackstone Real Estate Income Trust (BREIT) recapitalized two industrial portfolios owned by LBA totaling $1.6 billion in gross value.

BREIT acquired an approximately 60% combined interest across both portfolios, and LBA’s investment fund and its investors retained the balance.

The portfolios are made up of 71 high quality assets totaling 9.5 million square feet and have a 95% occupancy. The assets are located in last mile locations in West Coast markets with the vast majority in California and Seattle, which officials said are the two best performing industrial markets in the . . .

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