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Blackstone Is Buying Warehouses From Harvard's Endowment

  • It’s more than 100 properties in a $950 million transaction
  • The warehouses are located in southeastern U.S. states
Updated on

Blackstone Group LP agreed to buy a portfolio of warehouses from Harvard University’s endowment for about $950 million, according to people familiar with the matter.

The portfolio consists of more than 100 properties totaling 14 million square feet, located mostly in urban areas in southeastern states including North Carolina, Georgia and Florida, the people said. Much of the portfolio is made up of so-called last-mile warehouses, which have grown in value as e-commerce companies expand and seek faster deliveries.