Colony Capital (CLNY) announces $5.9 billion sale of industrial portfolio.
Colony Capital, Inc. (CLNY) announced today that it has reached an agreement to sell its entire industrial portfolio to Blackstone Real Estate Partners IX for an aggregate purchase price of $5.9 billion. The portfolio includes approximately 60 million square feet of infill distribution properties, 4 million square feet of bulk warehouse space, and the related industrial operating platform for both portfolios. The sale is expected to close in 4Q'19 and result in net proceeds to Colony of approximately $1.2 billion.
As stated by management, the industrial sale is part of CLNY's portfolio objective to "generate significant liquidity" and "accelerate our ongoing transition into digital real estate and infrastructure." Colony also announced today that its managed affiliate NorthStar Realty Europe Corp. had completed its merger with affiliates of AXA Group.
Headquartered in Los Angeles, Colony Capital is a diversified asset management company. As of June 30, 2019, CLNY had a total market capitalization of approximately $18.8 billion.