Blackstone buys $1.02 billion properties from ProLogis

NEW YORK (BestGrowthStock) – Private equity firm Blackstone Group (BX.N: ) is buying a portfolio of 180 industrial properties from distribution facilities company ProLogis (PLD.N: ) for $1.02 billion, the companies said on Monday.

The portfolio also includes ProLogis’ minority interest in the Hilton New Orleans Riverside. Blackstone bought the Hilton hotel chain in July 2007.

Blackstone has said it continues to see opportunities in commercial real estate. It said in July that the value of its real estate portfolio rose 19 percent during the second quarter.

The private equity firm made another large bet on real estate earlier in October, investing in hotel chain Extended Stay America, which emerged from bankruptcy. Blackstone, alongside Paulson & Co and Centerbridge Partners, bought the hotel chain for $3.925 billion.

Shares of ProLogis fell 2 percent to $12.39.

(Reporting by Steve Orlofsky; Editing by Maureen Bavdek and Steve Orlofsky)

Blackstone buys $1.02 billion properties from ProLogis