Blackstone Snaps Up Colony Capital Warehouses for $5.9 Billion

Blackstone Group Inc. BX -2.68%decrease; red down pointing triangle has struck a deal to buy a portfolio of U.S. industrial warehouses from Colony Capital Inc. for $5.9 billion, including debt, furthering its bet on the continued growth of e-commerce.

The deal is Blackstone’s second major purchase of a warehouse network this year. In June, the company’s real-estate business signed a deal to buy the U.S. warehouses of Singapore-based GLP for $18.7 billion, including debt.

For Colony, the sale marks a major step toward pivoting its strategy to investing in digital real estate and infrastructure such as data centers, cell towers and fiber-optic networks and away from traditional real-estate holdings. The company expects to receive proceeds of more than $1.2 billion.