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Iron Mountain (NYSE: IRM), the storage and information management services company enabling digital transformation, today announced that it has sold a portfolio of 13 industrial facilities to Blackstone Real Estate Income Trust, Inc. (“BREIT”), generating gross proceeds of $358 million. The transaction, totaling 2.1 million square feet, is a sale-leaseback transaction with the properties located predominantly in California, northern New Jersey and the Lehigh Valley. Iron Mountain will remain in these facilities under an initial ten-year lease term, with options to renew up to an additional 20 years.
This transaction is part of Iron Mountain’s ongoing capital recycling program, and Iron Mountain expects to utilize the proceeds to reinvest in higher growth areas of its business.
“As we have highlighted previously, we view the market conditions for industrial real estate assets as highly attractive. This is a