A closed-end value-added fund managed by TA Realty has, in two separate transactions, sold a 96-property US logistics portfolio worth $1.04bn (鈧�941m) to Capital Management and Blackstone.
The real estate manager said AEW bought the portfolio鈥檚 28 Texas-based properties and funds managed by Blackstone acquired the portfolio鈥檚 68 properties.
The multi-tenant distribution properties are located across 14 high-growth US markets, TA Realty said, adding that the portfolio contains more than 325 tenants and was 91% occupied as of 1 July 2019.
James Raisides, partner at TA Realty, said: 鈥淎ggregating high quality, national industrial portfolios has been a hallmark of our investment strategy for over 30 years.
鈥淭he value created for our investors by this transaction further demonstrates our expertise in assembling highly sought-after last mile logistic portfolios.鈥�
Nadeem Meghji, senior managing director and head of real estate Americas at Blackstone, said: 鈥淟ogistics remains our highest conviction investment theme. The portfolio we are acquiring from TA Realty is another example of last mile logistics assets that will help meet the growing e-commerce demand.鈥�
