The deal is expected to close in the fourth quarter of this year.
Colony Industrial is the industrial real estate assets and affiliated industrial operating platform of Colony Capital. The transaction also includes Colony's 51% ownership interest in a 4-million-square-foot portfolio of bulk distribution assets and the affiliated operating platform.
The aggregate net sales proceeds to Colony are expected to be in excess of $1.2 billion.
“This acquisition of high quality warehouses demonstrates our continued strong conviction in logistics and positive e-commerce trends. As retailers continue to shorten delivery times and expand their last mile footprints, we believe warehouses in dense population centers will continue to experience outsized demand growth,” Nadeem Meghji, Blackstone's head of Americas real estate, said in a statement.
Blackstone shares were down 2.17% at $49.13 at the time of publication. The stock has a 52-week high of $55.17 and a 52-week low of $26.88.
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