April 5, 2012 / 4:12 PM / 5 years ago

UPDATE 1-Blackstone to buy property worth $820 mln from Dexus -source

* Properties located throughout U.S. southern, mid-Atlantic and Midwest

* Dexus values U.S. industrial properties at $1.3 bln - annual report

By Narayanan Somasundaram and Stephen Aldred

SYDNEY, April 5 (Reuters) - Private equity firm Blackstone Group L.P. has agreed to buy 69 warehouses in the United States valued at around A$800 million ($820.4 million) from Australia’s Dexus Property Group, according to a person familiar with the matter.

The properties cover a total area of 16 million sq feet (1.5 million sq metres) and are located throughout the U.S. southern, mid-Atlantic and Midwest regions.

Dexus said on Wednesday it was in exclusive talks with an unnamed buyer for sale of the properties as it focuses on its properties in the U.S. west coast.

Dexus valued its U.S. industrial assets at $1.3 billion with properties in the centre and east coast of the United States making up 49 percent of the value, it said in its annual review in September.

A Dexus spokesman in Sydney said the company did not have any further comment beyond its statement.

Blackstone has raised more than $10 billion for its latest real estate fund, Blackstone Real Estate Partners VII, and is looking to reach $12 billion, a person familiar with the plans said in February.

Last year the private equity firm bought nearly 600 U.S. shopping malls from Australia’s debt-laden Centro Properties for $9.4 billion in one of the biggest global property deals since the credit crisis, and the third largest M&A deal in Asia Pacific in 2011.

Bloomberg reported the Dexus deal earlier on Thursday.

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