ProLogis Sells $1B In Real Estate Assets To Blackstone

Law360, New York (October 18, 2010, 5:43 PM EDT) -- ProLogis is selling a group of assets — including a portfolio of industrial properties located across the U.S., a minority interest in a hotel property and its interest in a group of property funds — to The Blackstone Group LP, a private equity company, for $1.02 billion.

Denver-based ProLogis, which owns hundreds of millions of square feet of real estate assets geared toward the distribution of goods, said Monday that proceeds from the deal with Blackstone Real Estate Advisors would be used to pay off approximately...
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