ProLogis (NYSE: PLD), the world's prime warehouse and allocation center owner, has closed the sale of a portfolio of North American engineering properties to Blackstone Real Estate Advisors and a minority concentration in a hotel to Hilton Worldwide for $1.01 billion, in a business reported by CoStar in a news story a little over a month ago.
The company conventional cash proceeds of $804 million, net of linked expenses and support of a preferred equity attention in the Blackstone entity that is acquiring the industrial collection of approximately $190 million. Blackstone also receives ProLogis' 25% interest in the Hilton New Orleans waterside hotel. The Denver-based warehouse owner and developer also expects to close the sale of stakes in three North American belongings funds to Blackstone in December after completion of managerial circumstances.
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