NEW YORK CITY—It's shaping up to be a red-letter day for stocksales in commercial real estate. CBS Corp. saidWednesday it would sell off its 81% ownership in CBSOutdoor Americas Inc., after which the outdoor advertisingcompany would convert to a REIT. Separately,Hilton Worldwide Holdings Inc. on Wednesday filedto sell 90 million shares of Hilton stock currently under thecontrol of the Blackstone Group, which took thehotel operator public last fall. It's the third announcement of astock sale by a Blackstone-controlled CRE company in as manyweeks.

The CBS Outdoor split-off will take the form of an exchange, inwhich CBS shareholders can exchange class A or B common stock forshares of CBS Outdoor common stock at a 7% discount. The exchange,which would total 97 million shares, is expected to take place overa three-day period beginning July 7. CBS Outdoor held its IPO inlate March, in a stock offering that valued it at about $3.36billion.

“CBS has been a great owner for many years, but as a whollyindependent company, we believe we can take CBS Outdoor to newheights,” says Jeremy Male, CEO of CBS Outdoor.“Our expected REIT conversion is an opportunity to createadditional long-term value for our shareholders. We're very excitedabout our future.”