Blackstone To Buy Colony Industrial For $5.9 Bln - Quick Facts

(RTTNews) - Blackstone agreed to acquire Colony Industrial, the industrial real estate assets and affiliated industrial operating platform, from Colony Capital Inc. (CLNY), for an aggregate purchase price of $5.9 billion, Colony said in a statement.

The Colony Industrial last-mile light industrial portfolio represents the substantial majority of the total transaction and comprises about 60 million square feet of infill, logistics assets across 465 light industrial buildings in 26 U.S. markets, with significant concentration in Dallas, Atlanta, Florida, northern New Jersey, and California.

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 which manages the properties of both portfolios. Colony expects the aggregate net sales proceeds to be in excess of $1.2 billion.

Each of the agreements is subject to customary closing conditions, including third party consent for the sale of the 51% interest in the bulk industrial portfolio, and is expected to close in the fourth quarter of 2019.