Blackstone Group to pay $5.9 billion for Colony Capital warehouses
The Blackstone Group agreed to pay $5.9 billion for a portfolio of U.S. industrial warehouses from Colony Capital.
Why it matters: Blackstone has become a major force in global e-commerce logistics, having acquired over one billion square feet. Last week it closed on its $18.7 billion purchase of U.S. industrial warehouses from Singapore's GLP, and also consolidated its European last-mile logistics real estate assets under a new umbrella called Mileway.
The bottom line: "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," writes the Wall Street Journal's Miriam Gottfried.