Blackstone Boosts Internet Bet With Virginia Data-Center Deal

(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 sign on the side of a building: Signage outside the Blackstone Group headquarters.


© Bloomberg
Signage outside the Blackstone Group headquarters.

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).



a sign on the side of a building: Signage outside the Blackstone Group headquarters.


© Bloomberg
Signage outside the Blackstone Group headquarters.

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.

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