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Blackstone acquires USD1.8bn Canyon Industrial Portfolio

Blackstone Real Estate Income Trust (BREIT) has acquired the Canyon Industrial Portfolio, a 22-million square foot portfolio of industrial assets, for approximately USD1.8 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 US 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," says AJ Agarwal, President of BREIT, and Head of US Core+ Real Estate, Blackstone.

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