ProLogis, the world's largest warehouse and allocation center owner, announced it will sell a selection of North American industrial property, stakes in three property funds and a hotel interest to affiliate of Blackstone Real Estate Advisors for $1.02 billion. Blackstone will get hold of about 180 industrial properties totaling 23 million square feet in nearly 30 metros across the nation. The world's major private-equity firm will also obtain ProLogis' 25% minority notice in the Hilton New Orleans Riverside hotel and its 20% interest in ProLogis North American Property Funds VI - VIII. The deal is predictable to close in mid-November.
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