Colony Capital to sell U.S. warehouses to Blackstone in $5.9 billion deal
Topics: COLONY CAPITAL U.S. WAREHOUSE BLACKSTONE
The deal by one of the world’s biggest property investors comes at a time when companies are spending billions of dollars to snap up logistics assets as a surge in e-commerce activity spurs demand for delivery and warehouse services.
The Colony Capital deal consists of 60 million square feet across 465 warehouses in 26 U.S. markets, with particular concentrations in Dallas, Atlanta, Florida, northern New Jersey and California, the company said.
The deal, which is expected to close in the fourth quarter, is expected to garner net proceeds in excess of $1.2 billion to Colony. ■