{"id":392512,"date":"2020-12-03T07:33:30","date_gmt":"2020-12-03T12:33:30","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=392512"},"modified":"2020-12-03T07:33:30","modified_gmt":"2020-12-03T12:33:30","slug":"iron-mountain-announces-industrial-sale-leaseback-transaction-with-blackstone-real-estate-income-trust","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/iron-mountain-announces-industrial-sale-leaseback-transaction-with-blackstone-real-estate-income-trust\/","title":{"rendered":"Iron Mountain Announces Industrial Sale-Leaseback Transaction with Blackstone Real Estate Income Trust"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwuline { text-decoration: underline }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Iron Mountain Announces Industrial Sale-Leaseback Transaction with Blackstone Real Estate Income Trust<\/b><\/p>\n<p class=\"bwalignc\"><i>BREIT to acquire 13 industrial facilities for $358 million<\/i><\/p>\n<p>BOSTON&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nIron 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. (\u201cBREIT\u201d), 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.\n<\/p>\n<p>\nThis transaction is part of Iron Mountain\u2019s ongoing capital recycling program, and Iron Mountain expects to utilize the proceeds to reinvest in higher growth areas of its business.\n<\/p>\n<p>\n\u201cAs we have highlighted previously, we view the market conditions for industrial real estate assets as highly attractive. This is a compelling opportunity for us to monetize a small portion of our owned industrial assets, while still maintaining long-term control of the facilities,\u201d said Barry Hytinen, executive vice president and CFO at Iron Mountain. \u201cCombined with our balance sheet strength and strong cash flow generation, this transaction frees up approximately $260 million of investable capital on a leverage-neutral basis, that we intend to redeploy into faster growing areas, including our data center business.\u201d\n<\/p>\n<p>\nDavid Levine, Senior Managing Director in Blackstone Real Estate, said, \u201cThe industrial sector continues to benefit from strong demand driven by e-commerce tailwinds, and we believe these well-located assets are a great addition to our portfolio, which is heavily weighted toward faster-growing sectors like logistics. We will continue to pursue compelling opportunities to acquire high-quality income-generating assets on behalf of our BREIT investors.\u201d\n<\/p>\n<p><b><span class=\"bwuline\">About Iron Mountain<br \/>\n<br \/><\/span><\/b>Iron Mountain Incorporated (NYSE: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Finvestors.ironmountain.com%2Foverview%2Fdefault.aspx&amp;esheet=52341865&amp;newsitemid=20201203005227&amp;lan=en-US&amp;anchor=IRM&amp;index=1&amp;md5=811e7becd99520c9fc9f0339de26c2a7\">IRM<\/a>), founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of more than 90 million square feet across approximately 1,450 facilities in approximately 50 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Providing solutions that include <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ironmountain.com%2Fsecure-storage&amp;esheet=52341865&amp;newsitemid=20201203005227&amp;lan=en-US&amp;anchor=secure+records+storage&amp;index=2&amp;md5=f482cea974a57c7ca7e6b4fbd1e603f1\">secure records storage<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ironmountain.com%2Finformation-management&amp;esheet=52341865&amp;newsitemid=20201203005227&amp;lan=en-US&amp;anchor=information+management&amp;index=3&amp;md5=fa4fb2478278bf6deb1f30e84425405e\">information management<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ironmountain.com%2Fdigital-transformation%2Fdocument-imaging%2Fdocument-scanning-and-storage&amp;esheet=52341865&amp;newsitemid=20201203005227&amp;lan=en-US&amp;anchor=digital+transformation&amp;index=4&amp;md5=7cdacafa1bae9d3d5ceef68518757ca9\">digital transformation<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ironmountain.com%2Fsecure-destruction&amp;esheet=52341865&amp;newsitemid=20201203005227&amp;lan=en-US&amp;anchor=secure+destruction&amp;index=5&amp;md5=e59a6fa9f29af247ca83da165e7b797a\">secure destruction<\/a>, as well as <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ironmountain.com%2Fdigital-transformation%2Fdata-centers&amp;esheet=52341865&amp;newsitemid=20201203005227&amp;lan=en-US&amp;anchor=data+centers&amp;index=6&amp;md5=777ac5ba8b3a1f6d4ebb0a0f7cea5d48\">data centers<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ironmountain.com%2Fdigital-transformation%2Firon-cloud-data-management&amp;esheet=52341865&amp;newsitemid=20201203005227&amp;lan=en-US&amp;anchor=cloud+services&amp;index=7&amp;md5=68e10f5519ba8c52b0f95142b55ce52f\">cloud services<\/a> and <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.crozierfinearts.com%2F&amp;esheet=52341865&amp;newsitemid=20201203005227&amp;lan=en-US&amp;anchor=art+storage+and+logistics&amp;index=8&amp;md5=46a83b3b0ec560f2bb686361eb53ed78\">art storage and logistics<\/a>, Iron Mountain helps customers lower cost and risk, comply with regulations, recover from disaster, and enable a more digital way of working.\n<\/p>\n<p>\nVisit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ironmountain.com&amp;esheet=52341865&amp;newsitemid=20201203005227&amp;lan=en-US&amp;anchor=www.ironmountain.com&amp;index=9&amp;md5=985be383da096a1193563eeb191e0baa\">www.ironmountain.com<\/a> for more information.\n<\/p>\n<p><b><span class=\"bwuline\">About Blackstone Real Estate Income Trust<br \/>\n<br \/><\/span><\/b>Blackstone Real Estate Income Trust, Inc. (BREIT) is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. BREIT invests in stabilized, income-generating U.S. commercial real estate across key property types and to a lesser extent in real estate-related securities. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a global leader in real estate investing. Blackstone\u2019s real estate business was founded in 1991 and has approximately $174 billion in investor capital under management. Further information is available at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.breit.com&amp;esheet=52341865&amp;newsitemid=20201203005227&amp;lan=en-US&amp;anchor=www.breit.com&amp;index=10&amp;md5=082e69dc46dfe96cf9f22932f16e20fe\">www.breit.com<\/a>.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201203005227r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20201203005227\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20201203005227\/en\/<\/a><\/span><\/p>\n<p><b><span class=\"bwuline\">Media Contact<br \/>\n<\/span><\/b><\/p>\n<p>Iron Mountain Global Communications<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:media@ironmountain.com\">media@ironmountain.com<br \/>\n<\/a><\/p>\n<p>Ilana Mouritzen<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Ilana.Mouritzen@Blackstone.com\">Ilana.Mouritzen@Blackstone.com<br \/>\n<\/a><br \/>+1 212-583-5776<\/p>\n<p><b><span class=\"bwuline\">Investor Relations Contacts<br \/>\n<\/span><\/b><\/p>\n<p>Greer Aviv<br \/>\n<br \/>Senior Vice President, Investor Relations<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Greer.Aviv@ironmountain.com\">Greer.Aviv@ironmountain.com<br \/>\n<\/a><br \/>(617) 535-2887<\/p>\n<p>Nathan McCurren<br \/>\n<br \/>Director, Investor Relations<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Nathan.McCurren@ironmountain.com\">Nathan.McCurren@ironmountain.com<br \/>\n<\/a><br \/>(617) 535-2997\n<\/p>\n<p><b>KEYWORDS:<\/b> United States North America Massachusetts<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Security Technology Software Construction &amp; Property Networks REIT Hardware<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20201203005227\/en\/194703\/3\/iron_logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Iron Mountain Announces Industrial Sale-Leaseback Transaction with Blackstone Real Estate Income Trust BREIT to acquire 13 industrial facilities for $358 million BOSTON&#8211;(BUSINESS WIRE)&#8211; 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. (\u201cBREIT\u201d), 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\u2019s ongoing capital &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/iron-mountain-announces-industrial-sale-leaseback-transaction-with-blackstone-real-estate-income-trust\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Iron Mountain Announces Industrial Sale-Leaseback Transaction with Blackstone Real Estate Income Trust&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-392512","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Iron Mountain Announces Industrial Sale-Leaseback Transaction with Blackstone Real Estate Income Trust - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/iron-mountain-announces-industrial-sale-leaseback-transaction-with-blackstone-real-estate-income-trust\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Iron Mountain Announces Industrial Sale-Leaseback Transaction with Blackstone Real Estate Income Trust - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Iron Mountain Announces Industrial Sale-Leaseback Transaction with Blackstone Real Estate Income Trust BREIT to acquire 13 industrial facilities for $358 million BOSTON&#8211;(BUSINESS WIRE)&#8211; 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. (\u201cBREIT\u201d), 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. 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(\u201cBREIT\u201d), 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\u2019s ongoing capital &hellip; Continue reading \"Iron Mountain Announces Industrial Sale-Leaseback Transaction with Blackstone Real Estate Income Trust\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/iron-mountain-announces-industrial-sale-leaseback-transaction-with-blackstone-real-estate-income-trust\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-03T12:33:30+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201203005227r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/iron-mountain-announces-industrial-sale-leaseback-transaction-with-blackstone-real-estate-income-trust\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/iron-mountain-announces-industrial-sale-leaseback-transaction-with-blackstone-real-estate-income-trust\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Iron Mountain Announces Industrial Sale-Leaseback Transaction with Blackstone Real Estate Income Trust","datePublished":"2020-12-03T12:33:30+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/iron-mountain-announces-industrial-sale-leaseback-transaction-with-blackstone-real-estate-income-trust\/"},"wordCount":595,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/iron-mountain-announces-industrial-sale-leaseback-transaction-with-blackstone-real-estate-income-trust\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20201203005227r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/iron-mountain-announces-industrial-sale-leaseback-transaction-with-blackstone-real-estate-income-trust\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/iron-mountain-announces-industrial-sale-leaseback-transaction-with-blackstone-real-estate-income-trust\/","name":"Iron Mountain Announces Industrial Sale-Leaseback Transaction with Blackstone Real Estate Income Trust - 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