NEW YORK May 22 Blackstone Group LP and
Prologis Inc have agreed to buy a portfolio of 17
million square feet of warehouse and distribution centers whose
majority owner is Lehman Brothers for about $960 million, two
sources familiar with the deal said on Wednesday.
Under the deal, Blackstone's IndCor Properties will operate
about 9.5 million square feet of properties in Reno, Nevada.
Prologis will buy the remaining properties which are chiefly in
Pennsylvania and some in Las Vegas, the sources said.
The sources did not want to be named because they were not
authorized to speak on the record about the pending deal.
Lehman currently owns 80 percent of the portfolio, and
Prologis owns 20 percent.