NEW YORK, June 26 (Reuters Breakingviews) - The U.S. commercial real estate industry is mired in gloom, but some pockets are still sunny.
The portfolio includes 14 million square feet of industrial properties in cities like Atlanta, Phoenix and Dallas, and the deal is premised in part on rising rents.
According to the two companies, the net operating income generated by the warehouses is 4% of the acquisition price.
Meanwhile, listed real estate investment trusts which own industrial warehouses trade at a narrowing discount to net asset value, according to S&P Global Market Intelligence.
In a gloomy sector, so-called big boxes are a bright spot.
Persons:
Steve Schwarzman, Avison Young, Jennifer Saba, Aston Martin, Peter Thal Larsen, Oliver Taslic
Organizations:
YORK, Reuters, U.S, P Global Market Intelligence, Twitter, Siemens, Telecom Italia, Vivendi, Thomson
Locations:
Atlanta, Phoenix, Dallas, Canada