Colony Capital has officially exited the industrial market. The firm has closed the sale of the Colony Bulk Industrial Portfolio for $400 million in value, generating $85 million in net equity proceeds. The sale was the final step in the REIT's exit from the industrial sector.
Over the last few years, the firm has been selling off its legacy assets in order to focus on digital real estate and digital infrastructure.
"We made terrific progress on our digital transformation this quarter," said Marc Ganzi, president and CEO during its third quarter earnings report. "Bringing high-quality digital assets onto the balance sheet, growing our digital investment management franchise, and harvesting value from our legacy assets are our key priorities."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.