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Blackstone (BX) has agreed to buy an industrial portfolio in Texas for $718 million, the firm announced Thursday. Blackstone is set to acquire a 95 percent stake in Crow Holdings’ industrial portfolio, while Crow and its partners will retain 5 percent ownership, the announcement said. SEE ALSO: Nuveen Sells NoVA Office for 76% Less Than What It Paid in 2006 The portfolio comprises 25 buildings spanning a total of 6 million square feet, according to the announcement. The industrial buildings are predominantly around Dallas and Houston. “This transaction is another example of Blackstone Real Estate deploying capital during this period of market volatility,” David Levine, co-head of Americas acquisitions for Blackstone Real Estate, said in a statement. “We are thrilled to acquire this high-quality portfolio located in some of the best-performing U.S. industrial markets,” Levine added. “With limited vacancy and new construction starts down over 80 percent from the 2022 peak, logistics remains a high-conviction theme for us.” Blackstone currently owns more than $90 billion worth of warehouses in North America and nearly $170 billion in total industrial properties around the world, Levine said. The transaction with Crow is expected to close before the end of June, according to the announcement. “We are excited about the opportunity to partner with Blackstone in this investment portfolio,” Crow Holdings CEO Michael Levy said in a statement. “We are extremely proud of our team for developing such a high-quality portfolio that attracted Blackstone, a global leader in the logistics industry, and we look forward to the partnership’s possibilities.” Blackstone has been quite active recently in industrial deals — in both buying and selling. In January, Blackstone sold a portfolio of 21 industrial buildings spread across Nevada, Texas, Ohio and Pennsylvania to Goldman Sachs and Texas-based investment firm Dalfen Industrial for $293 million, as Commercial Observer previously reported. And in November, Blackstone offloaded a 1.4 million-square-foot industrial portfolio in South Florida to Longpoint Partners for $331.3 million, CO reported.
This will be useful to the user, but it won’t change privacy. Humans at OpenAI still have full access to your history, and this will only expand AI capabilities to tap into previous conversations. However, rogue and unlawful administrations will still seek to access that data regardless.