Private equity giant The Blackstone Group Inc. closed its $5.7 billion acquisition of Colony Capital Inc.'s light industrial logistics assets and its affiliated industrial operating platform.
The deal saw Blackstone Real Estate Partners IX purchase about 60 million square feet of last-mile, infill industrial assets comprising 465 assets in 26 U.S. markets, mainly spread across Dallas, Atlanta, Chicago, Florida and New Jersey.
The closed transaction does not include the previously agreed sale of Colony Industrial's 51% ownership stake in its bulk industrial logistics portfolio to Blackstone.
Colony Capital said the deal generated total net sales proceeds of about $1.2 billion.
Willkie Farr & Gallagher was Colony Capital's legal counsel, while Morgan Stanley and Eastdil Secured were financial advisers. CBRE National Partners was real estate adviser to Colony Capital.