First Potomac Realty Trust has sold the bulk of its industrial holdings to two buyers for $259 million in total. An affiliate of Blackstone Real Estate Partners VII acquired the vast majority of the portfolio –- 4 million square feet -- for $241.5 million. Corporate Office Properties Trust acquired the remainder of the 4.3 million-square-foot portfolio.
The commercial mortgage-backed securities market and collateralized loan obligations drew more attention from investors last week than the U.S. asset-backed securities market due to their higher yields. Leading the way was a $2.52 billion transaction from Extended Stay. This was the largest CMBS deal since the credit crisis.
REIT regulations in Kenya have been finalized and submitted to the finance minister. The minister will gazette them before his term ends, according to Capital Markets Authority's acting chief executive Paul Muthaura.
Washington, D.C.-area REITs are divesting their industrial assets to focus on core, stable properties. Washington Real Estate Investment Trust and First Potomac Realty Trust have both embraced this shift.