One of the largest PE firms in the US, The Blackstone Group Inc. (Blackstone) is continuing its venture with Corporate Office Properties Trust (COPT). COPT has formed a new joint venture with funds associated with Blackstone Real Estate to acquire interests in eight single-tenant, data center shell properties, valued at $293 million. Blackstone will own a stake in just the shell properties for the data centers, and tenants will be responsible for the infrastructure.
All of the data centers are located in Northern Virginia. A deal for six of the properties is expected to be completed by the end of the year. The transaction for the other two properties has already closed.
Details of the Partnership
This will be the two companies’ second investment in this venture. In June 2019, COP…