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Blackstone Boosts Internet Bet With Virginia Data-Center Deal

  • Firm acquiring 90% stake in properties valued at $300 million
  • Internet-oriented real estate gains favor during the pandemic

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).