Real Estate
Blackstone Adds to Warehouse Bet With a $718 Million Texas Deal
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Blackstone Inc. agreed to buy a portfolio of industrial real estate from Crow Holdings for $718 million, betting that the trade wars that have roiled global markets won’t diminish demand for US warehouse space.
The portfolio consists of 6 million square feet (557,000 square meters) spread across 25 properties, according to a statement Thursday. The buildings are concentrated around Dallas and Houston and were developed by Crow, which will retain a 5% interest in the properties while Blackstone will hold a 95% stake.