By A.D. Pruitt and Craig Karmin
Blackstone Group LP (BX) and industrial landlord Prologis Inc.
(PLD) agreed to acquire a warehouse portfolio that is majority
owned by Lehman Brothers for $960 million, people familiar with the
matter said Wednesday.
The deal marks Blackstone's second acquisition of industrial
properties this week. The private-equity company now owns 100
million square feet in the sector. Blackstone on Monday agreed to
purchase 24 industrial properties from First Potomac Realty Trust
(FPO) totaling about 4.3 million square feet for $259 million.
Blackstone affiliate IndCor Properties and Prologis will split
the management of the 17 million square feet of industrial space in
the latest deal, with Blackstone operating roughly 9.5 million
square feet, people familiar with the matter said.
San Francisco-based Prologis owns a minority stake in the newly
acquired portfolio.
Write to A.D. Pruitt at angela.pruitt@wsj.com and Craig Karmin
at craig.karmin@dowjones.com
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