ProLogis Closes on Industrial and Hotel Portfolio Sale for $1.01B

ProLogis

announced today that it has closed on the sale of a North American industrial portfolio to affiliates of Blackstone Real Estate Advisors and a minority interest in a hotel property to Hilton Worldwide, Inc., for gross consideration of approximately $1.01 billion. Additionally, ProLogis expects to close on the sale of its interests in three of its North American property funds to Blackstone in December 2010 after completion of administrative conditions. In connection with the closing, the company received cash proceeds of $804 million, net of related expenses and funding of a preferred equity interest in the Blackstone entity that is acquiring the industrial portfolio of approximately $190 million.