Swedish buyout group EQT AB bought a logistics portfolio from Rexford Industrial Realty in southern California, in a deal the seller said was valued at $1.2 billion.
EQT said late Thursday that the acquisition strengthens its real-estate arm's focus on logistics assets located in markets with supply constraints that benefit from durable tenant demand driven by ports.
The portfolio EQT bought includes 32 buildings across Southern California and is 96% leased to tenants from a range of industries, the company said.
Rexford separately said the portfolio sale is part of previously announced plans to realign its portfolio by selling noncore assets valued at $2 billion to bolster its balance sheet. In the year to date, the company sold assets for a combined value of $1.5 billion, it said.
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