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CLNY

Colony Capital

$5.90

0.15 (2.61%)

, BX

Blackstone

$50.21

-2.43 (-4.62%)

07:33
09/30/19
09/30
07:33
09/30/19
07:33

Colony Capital to sell Colony Industrial to Blackstone for $5.9B

Colony Capital (CLNY) and Blackstone Real Estate Partners IX, an affiliate of Blackstone (BX), announced that they have entered into definitive agreements for Blackstone to acquire Colony Industrial, the industrial real estate assets and affiliated industrial operating platform of Colony Capital, for an aggregate purchase price of $5.9B. The Colony Industrial last-mile light industrial portfolio represents the substantial majority of the total transaction and comprises approximately 60 million square feet of infill, logistics assets across 465 light industrial buildings in 26 U.S. markets, with significant concentration in Dallas, Atlanta, Florida, northern New Jersey, and California. The transaction also includes Colony's 51% ownership interest in a 4 million square foot portfolio of bulk distribution assets and the affiliated operating platform which manages the properties of both portfolios. The aggregate net sales proceeds to Colony are expected to be in excess of $1.2B. This transaction comprises one of the highest quality portfolios of last-mile logistics assets in the U.S. Colony Industrial was formed in December 2014 through Colony Capital's acquisition of Cobalt Capital Partners, founded and led by Lewis Friedland. Since then, the portfolio has doubled in size and produced strong and consistent operating results. Each of the agreements is subject to customary closing conditions, including third party consent for the sale of the 51% interest in the bulk industrial portfolio, and is expected to close in Q4.

CLNY

Colony Capital

$5.90

0.15 (2.61%)

BX

Blackstone

$50.21

-2.43 (-4.62%)

CLNY Colony Capital
$5.90

0.15 (2.61%)

10/05/18
10/05/18
NO CHANGE

Colony Industrial acquires nine industrial properties in Atlanta
Colony Industrial announced it has acquired the Atlanta NE/I-85 Industrial Portfolio consisting of nine Class A warehouse properties in Atlanta, Georgia, in a transaction that closed on September 26, 2018. Colony Industrial is the light industrial platform of Colony Capital. The properties are located in Atlanta's prime Northeast industrial submarket, totaling 890,920 square feet in six buildings at 2150 Boggs Road Northwest in Duluth, GA; one building at 1645 Satellite Boulevard in Duluth, GA; and two buildings at 2925 and 3255 Shawnee Industrial Way in Suwanee, GA. Their location offers immediate access to Interstate 85, a major north-south corridor connecting Atlanta to Charlotte and the Mid-Atlantic. The buildings are 96% leased to 23 high-quality tenants.
07/05/19
RILY
07/05/19
NO CHANGE
Target $8
RILY
Buy
Northstar Realty Europe sale positive for Colony Capital, says B. Riley FBR
B. Riley FBR analyst Randy Binner views the sale of Northstar Realty Europe (NRE) as a positive for Colony Capital (CLNY). The analyst reiterates a Buy rating on Colony with an $8 price target.
BX Blackstone
$50.21

-2.43 (-4.62%)

09/19/19
GSCO
09/19/19
UPGRADE
Target $35
GSCO
Conviction Buy
KKR upgraded to Conviction Buy from Buy at Goldman Sachs
Goldman Sachs analyst Alexander Blostein added KKR (KKR) to his firm's America's Conviction List with a price target of $35, up from $34. KKR is entering a period of accelerated earnings growth, driven by its upcoming fund-raising cycle and maturing investment portfolio, which should yield above-consensus incentive income and earnings, Blostein tells investors in a research note. He points out that while KKR shares are up 43% year-to-date, it still trades at a 40% discount to Blackstone (BX). At current share levels, the market is ascribing a ~35% discount to KKR's private on-balance sheet investments, which is "too punitive," says Blostein.
09/24/19
OPCO
09/24/19
DOWNGRADE
OPCO
Perform
Blackstone downgraded to Perform from Outperform at Oppenheimer
09/24/19
09/24/19
DOWNGRADE

Perform
Blackstone downgraded to Perform on valuation at Oppenheimer
As previously reported, Oppenheimer analyst Chris Kotowski downgraded Blackstone to Perform from Outperform with the stock up 79% year to date versus up 18% year to date for the S&P 500 and reaching his price objective. Nonetheless, the analyst still feels the company has the best business model in financial services, and perhaps one of the best in any industry.
09/24/19
09/24/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Altra Industrial Motion (AIMC) downgraded to Sector Weight from Overweight at KeyBanc with analyst Jeffrey Hammond saying around $400M of Altra's revenue, or 20% of total sales, derives from Class 8 Truck and Industrial-Germany, markets which could decline 15% year-over-year in 2020. 2. Brinker (EAT) downgraded to Neutral from Overweight at JPMorgan with analyst John Ivankoe saying he recommends taking short-term profits in the shares. 3. Marathon Oil (MRO) downgraded to Hold from Buy at Tudor Pickering. 4. Park Hotels & Resorts (PK) downgraded to an Underweight from Neutral at JPMorgan with analyst Brandt Montour saying he views the lodging real estate investment trust as relatively unattractive compared to the lodging C-corps. 5. Blackstone (BX) downgraded to Perform from Outperform at Oppenheimer with analyst Chris Kotowski saying the stock is up 79% year to date versus up 18% year to date for the S&P 500 and reached his price objective. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

PYPL

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EADSY

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CCNE

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BA

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JBLU

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UAL

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AAL

American Airlines

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PBR

Petrobras

$15.65

-0.146 (-0.92%)

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YY

YY

$65.12

-0.28 (-0.43%)

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YY reports Q3 global average mobile MAUs 470.1M from 433.5M in Q2 »

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HUYA

Huya

$24.28

-1.05 (-4.15%)

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YY

YY

$65.12

-0.28 (-0.43%)

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HUYA

Huya

$24.28

-1.05 (-4.15%)

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Huya reports Q3 EPS 7c, consensus 11c »

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YY

YY

$65.12

-0.28 (-0.43%)

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LAZ

Lazard

$38.51

-0.03 (-0.08%)

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Lazard CAO sells 40,000 class A common shares »

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BA

Boeing

$362.89

-4.08 (-1.11%)

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Boeing moves pilot to new job following leaked messages, Reuters says »

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AVYA

Avaya

$12.53

0.08 (0.64%)

, RNG

RingCentral

$172.89

2.57 (1.51%)

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Avaya files to sell 1.75M shares of RingCentral Class A common stock »

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AVYA

Avaya

$12.53

0.08 (0.64%)

RNG

RingCentral

$172.89

2.57 (1.51%)

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NVTR

Nuvectra

$1.41

0.085 (6.44%)

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XELB

Xcel Brands

$1.60

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  • 13

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PSNL

Personalis

$10.17

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KTB

Kontoor Brands

$36.07

0.06 (0.17%)

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HBI

Hanesbrands

$15.63

-0.355 (-2.22%)

17:25
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Initiation
Hanesbrands initiated  »

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TRQ

Turquoise Hill

$0.47

0.0049 (1.06%)

17:24
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Earnings
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GPS

Gap

$17.16

0.06 (0.35%)

17:23
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Initiation
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ADP

ADP

$166.40

3.04 (1.86%)

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ADP announces $5B share repurchase program »

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  • 12

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KNSL

Kinsale Capital Group

$88.98

1.78 (2.04%)

, DF

Dean Foods

$0.79

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KNSL

Kinsale Capital Group

$88.98

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DF

Dean Foods

$0.79

(0.00%)

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GIII

G-III Apparel

$28.51

-0.35 (-1.21%)

17:17
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Initiation
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SGEN

Seattle Genetics

$110.62

2.44 (2.26%)

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