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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.Full Story
The leading universal supplier of distribution services, ProLogis, recently announced that it has come to a definitive conformity with the affiliate of Blackstone Real Estate Advisors. The conformity is to sell a North American industrial selection which has minority interest in hotel belongings and interests of its property funds. The total purchase price will be $1.02 billion.Just about $600 million is expected to produce more than $1.6 billion of gross proceeds from the combination of this business along with year-to-date dispositions and charity. Blackstone Real Estate Advisors beforehand announced that its 2010 anticipation would be $1.3 to $1.5 billion. All net proceeds will be used in refund of debt and to fund development activityFull story
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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ProLogis, the world’s largest storehouse owner, agreed to sell about 180 manufacturing properties to Blackstone Group LP to help decrease debt. The $1.02 billion sale also take in wellbeing in three real estate funds and a minority stake in the Hilton New Orleans Riverside hotel, ProLogis said in a report today. The Denver- basedCompany expects the deal to close in mid-November.ProLogis had $8.2 billion of debt as of June 30, according to regulatory filings. The Blackstone transaction, collective with $600 million in other sales this year, pushes the company’s disposition for 2010 above its forecast of $1.3 billion to $1.5 billion, the proclamation said
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