December 11, 2019
Colony Capital Closes Sale of 5.7 billion Light Industrial Portfolio to Blackstone
The Blackstone Group Inc. (NYSE: BX) closed its $5.7 billion acquisition of Colony Capital Inc.'s (NYSE: CLNY) light industrial logistics assets and its affiliated...

Colony Capital Closes Sale of 5.7 billion Light Industrial Portfolio to Blackstone

December 11, 2019 

The Blackstone Group Inc. (NYSE: BX) closed its $5.7 billion acquisition of Colony Capital Inc.’s (NYSE: CLNY) light industrial logistics assets and its affiliated industrial operating platform. In the deal, Blackstone Real Estate Partners IX purchased about 60 million square feet of last-mile, infill light industrial assets covering 465 assets in 26 U.S. markets, mainly located throughout Dallas, Atlanta, Chicago, Florida and New Jersey.

The closed transaction does not include the previously agreed sale of Colony Industrial’s 51% ownership stake in its bulk industrial logistics portfolio to Blackstone. Colony Capital said the deal generated total net sales proceeds of approximately $1.2 billion.

“Colony’s confidence in our vision for the Light Industrial sector encouraged us to reach and exceed our goals, and we were fortunate to have investors who supported the portfolio’s growth,” said Lew Friedland, Managing Director and Head of Colony Industrial. “The outstanding results we have achieved for our investors are due to our incredibly talented and dedicated team, who created value from the opportunities in last-mile logistics that have transformed the entire economy.”

Source: S&P Global Market Intelligence, Business Wire

 

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