By Michael Dabaie

 

Iron Mountain said Thursday it sold a portfolio of 13 industrial facilities to Blackstone Real Estate Income Trust Inc. for $358 million.

The deal, totaling 2.1 million square feet, is a sale-leaseback transaction with the properties located mostly in California, northern New Jersey and the Lehigh Valley, the storage and information management services company said.

Iron Mountain will remain in these facilities under an initial ten-year lease term, with options to renew up to an additional 20 years.

Iron Mountain said the deal is part of its ongoing capital recycling program, and it expects to use the proceeds to reinvest in higher growth areas of its business.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

December 03, 2020 08:23 ET (13:23 GMT)

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