Blackstone has struck a deal to buy a portfolio of U.S. industrial warehouses from Colony Capital for $5.9 billion, including debt, furthering its bet on the continued growth of e-commerce
By Miriam Gottfried Sept. 30, 2019 7:00 am ET Blackstone Group Inc. BX -4.58% has struck a deal to buy a portfolio of U.S. industrial warehouses from Colony Capital Inc. CLNY 0.51% for $5.9 billion, including debt, furthering its bet on the continued growth of e-commerce.
The deal includes 60 million square feet across 465 warehouses in 26 U.S. markets, with particular concentrations in Dallas, Atlanta, Florida, northern New Jersey and California. It also includes Colony’s 51% stake in a 4 million square-foot portfolio of bulk-distribution warehouses, larger facilities further outside urban centers. Blackstone is also buying the unit that manages both sets of properties.
Even before the Colony deal, Blackstone was one of the largest owners of U.S. logistics properties, thanks to its purchase of GLP’s U.S. warehouses. With $154 billion in assets, the company’s real-estate business also owns trophy properties such as Chicago’s Willis Tower and the Cosmopolitan of Las Vegas resort and casino, and thousands of single-family homes.
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