Blackstone Real Estate Partners IX L.P., managed by The Blackstone Group Inc. (NYSE:BX), completed the acquisition of CIR III-1 REIT and ColFin Cobalt REIT, Inc. from Colony Capital, Inc..
December 09, 2019
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Blackstone Real Estate Partners IX L.P., managed by The Blackstone Group Inc. (NYSE:BX), entered into definitive agreement to acquire CIR III-1 REIT and ColFin Cobalt REIT, Inc. from Colony Capital, Inc. (NYSE:CLNY) for $5.7 billion on September 29, 2019. Out of the purchase price, $35 million escrow amount will be delivered to escrow agent at least two business days prior to the closing date. The purchase price is subject to adjustments. In a related transaction, Blackstone Real Estate Partners IX L.P., managed by The Blackstone Group Inc., entered into an agreement to acquire 51% general and limited partnership interest in bulk industrial portfolio and management platform from Colony Capital, Inc. (NYSE:CLNY) for $220 million, subject to certain adjustments on September 29, 2019. In the event of termination, The Blackstone Group Inc. will be required to pay to Colony Capital, Inc. a termination fee of $343.8 million. The transaction is subject to customary closing conditions. The closing of the transaction will occur on October 29, 2019, subject to The Blackstone Group Inc.'s right to extend the closing date until December 12, 2019 for any reason and, under certain circumstances, its right to further extend the closing date until no later than December 23, 2019. Colony Capital, Inc. plans to use the proceeds from the transactions, which are expected to be more than $1.2 billion, to continue to right-size capital structure and invest in digital growth business. Adam Turteltaub, Thomas Henry and Jared Fertman of Willkie Farr & Gallagher acted as legal advisors, Morgan Stanley and Eastdil Secured acted as financial advisors and CBRE National Partners acted as real estate advisor to Colony Capital, Inc. Sasan Mehrara, Erik Quarfordt and Brian Stadler of Simpson Thacher & Bartlett acted as legal advisors to The Blackstone Group Inc.
Blackstone Real Estate Partners IX L.P., managed by The Blackstone Group Inc. (NYSE:BX), completed the acquisition of CIR III-1 REIT and ColFin Cobalt REIT, Inc. from Colony Capital, Inc. (NYSE:CLNY) on December 10, 2019.
Blackstone Inc. is an investment firm. The Company's asset management business includes investment vehicles, which is focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, and secondary funds. The Company operates through four segments: Real Estate, Private Equity, Credit & Insurance, and Hedge Fund Solutions. Its Blackstone Real Estate Partners (BREP) business makes investments in logistics, office, rental housing, hospitality, and retail properties, as well as in a variety of real estate operating companies. The Private Equity segment includes Blackstone Capital Partners, Blackstone Energy Transition Partners, Blackstone Capital Partners Asia, and Blackstone Core Equity Partners. The Credit & Insurance segment includes Blackstone Credit and Blackstone Insurance Solutions (BIS). The Hedge Fund Solutions segment includes Blackstone Alternative Asset Management and GP Stakes businesses.
Blackstone Real Estate Partners IX L.P., managed by The Blackstone Group Inc. (NYSE: BX), completed the acquisition of CIR III-1 REIT and ColFin Cobalt REIT, Inc. from Colony Capital, Inc..
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