ProLogis, a global provider of distribution facilities, has entered into an agreement to sell a North American industrial portfolio, its minority interest in a hotel property and interests in three of its property funds to Blackstone Real Estate Advisors for $1.02 billion according to a Reuters report. The portfolio covers 23 million square feet over 180 properties in North America, the sum of which is currently 95.6% leased with an average lease term of nearly thre years. The transaction is expected to bring ProLogis' year-to-date dispositions to more than $1.6 billion, exceeding its forecast for the year.
"We are pleased to announce this transaction and to have exceeded the top end of our expected range of dispositions," Walter C. Rakowich, ProLogis Chief Executive Officer said. "This transaction with Blackstone supports our strategy of redeploying our investment in non-strategic, direct owned North American assets into further de-leveraging and future development activity to enhance the geographic diversification and overall quality of our portfolio." The Hotel Property, which is being separately acquired by Blackstone affiliate Hilton Worldwide, Inc., includes ProLogis' approximately 25 percent minority interest in the Hilton New Orleans Riverside and an indirect interest in adjacent land and related affiliates.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment