Blackstone Scooping Up $1B of ProLogis Assets

NEW YORK CITY-The pending deal would add 180 ProLogis properties to the 17 million square feet Blackstone already controls.

By Paul Bubny | Updated on October 07, 2010

NEW YORK CITY-The Blackstone Group is on the verge of scooping up 180 ProLogis industrial properties for $1 billion, according to the Wall Street Journal. The pending deal entails more than 20 million square feet of warehouse property across the US, the WSJ reported Thursday, citing people familiar with the matter.

Earlier this year, the locally-based private equity giant agreed to buy an 80% stake in a joint venture managed by Denver-based ProLogis, a deal that involves 17 million square feet of US warehouse space. Blackstone is paying $105 million in that deal and assuming $512 million of debt.

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