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Blackstone to buy logistics assets from Colony Capital for $5.9B

Blackstone Group Inc., via Blackstone Real Estate Partners IX, agreed to acquire U.S. logistics assets from Colony Capital Inc. for $5.9 billion.

Colony Industrial's last-mile light industrial portfolio comprises about 60 million square feet of infill, logistics assets across 465 light industrial buildings in 26 U.S. markets, primarily in Dallas, Atlanta, Florida, northern New Jersey and California.

The deal will also include Colony's 51% stake 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 aggregate net sales proceeds of over $1.2 billion.

The deals, expected to close in the fourth quarter, are subject to customary closing conditions, including third party consent for the sale of the 51% interest in the bulk industrial portfolio.

Willkie Farr & Gallagher was the legal counsel, Morgan Stanley and Eastdil Secured were financial advisers, and CBRE National Partners served as real estate adviser to Colony Capital. Simpson Thacher & Bartlett was legal counsel to Blackstone.

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