COPT completes close of data center JV with Blackstone Real Estate

COPT completes close of data center JV with Blackstone Real Estate

Corporate Office Properties Trust (COPT) announced that it has completed the second and final close of its new data center joint venture with funds affiliated with Blackstone Real Estate which was previously announced on November 2, 2020.

The Blackstone Funds acquired a 90% interest in six data center shell properties that contain 979,000 square feet and were valued at $203 million.

COPT received approximately $84 million of equity value from the transaction for its 40% interest. The remaining equity value was distributed to a prior investor who held a 50% interest in these assets.

The completion of this transaction follows the Blackstone Funds’ earlier acquisition of a 90% interest in two of COPT’s wholly owned data shell properties valued at $90 million.

Blackstone Real Estate, Blackstone’s real estate business, was founded in 1991 and has $174 billion of investor capital under management.

Corporate Office Properties Trust(COPT) is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties.