(Bloomberg) — Blackstone Group Inc. is investing in a group of U.S. data centers as more consumers shift to the internet during the pandemic.
A unit of the private equity giant is acquiring a roughly 90% interest in the real estate for eight single-tenant centers in Northern Virginia, according to a statement Monday announcing a joint venture with Maryland-based Corporate Office Properties Trust. The sites are valued at nearly $300 million and span 1.3 million square feet (121,000 square meters).
Data centers are gaining popularity among investors as people spend more time online. During the pandemic, the rise in work-from-home, e-commerce and streaming have helped fuel the sector’s growth. Goldman Sachs Group Inc.’s infrastructure arm agreed to invest $500 million in the industry last month.
“We’re trying to think about how the