Back in August, I mentioned that Colony Capital (Nasdaq: CLNY) was exploring the sale of its indust
Back in August, I mentioned that Colony Capital (Nasdaq: CLNY) was exploring the sale of its industrial unit. The corporate owns 465 warehouses from Texas to California which are 92% leased, principally for ecommerce achievement.
For many who might not bear in mind, CLNY is a Excessive-Yield Investing portfolio holding. It has been a uncommon disappointment for us up to now, however as I defined again then, there’s motive for hope. That turned out to be prescient, as shares have since rallied by about 24%.
However again to the sale…
On the time, these properties have been anticipated to fetch about $5 billion on the open market. However administration hinted that the ultimate price ticket might be “considerably larger” primarily based on preliminary demand from events.
It seems they have been proper. On September 30, Colony formally introduced the sale of its industrial division to Blackstone Group (NYSE: BX) for $5.9 billion.
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