ProLogis sells portfolio to Blackstone
ProLogis, a developer of distribution facilities, said Monday it has agreed to sell real estate investments to Blackstone Real Estate Advisors for $1.02 billion.
The investments include:
' A portfolio of about 180 North American industrial properties totaling 23 million square feet.
' Minority interest in the Hilton New Orleans Riverside and related entities.
' The company’s 20 percent interest in ProLogis North American Property Funds VI – VIII.
The deal is expected to close in mid-November, and proceeds will be used for the repayment of debt and to fund development activity.
ProLogis 475 million square feet of industrial space owned and managed in markets across North America, Europe and Asia.
ProLogis sells portfolio to Blackstone
