Blackstone Group announced on Monday, September 30, it would buy US industrial warehouses from real estate and investment management firm Colony Capital in a US$5.9 billion deal, to capitalize on the e-commerce boom.
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.
Blackstone announced in June it would buy US industrial warehouse properties from Singapore-based logistics provider GLP for US$18.7 billion, in what the companies billed as the largest private real estate transaction globally.
The Colony Capital deal consists of 60 million square feet across 465 warehouses in 26 US markets, with particular concentrations in Dallas, Atlanta, Florida, northern New Jersey, and California, the company stated.
Full Content: Financial Times
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