Blackstone to Acquire ProLogis Assets

The Blackstone Group has agreed to acquire certain assets from ProLogis (NYSE: PLD) for $1.02 billion. The transaction includes about 180 North American industrial properties, a minority interest in Hilton New Orleans Riverside and a 20% stake in ProLogis North American Property Funds VI - VIII. ProLogis is an industrial real estate investor with distribution facilities in North America, Europe and Asia.