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Hudson Pacific to buy California properties in $3.5 bln deal
December 8, 2014 / 1:22 PM / 3 years ago

Hudson Pacific to buy California properties in $3.5 bln deal

Dec 8 (Reuters) - Hudson Pacific Properties Inc said it would buy a portfolio of office buildings in California from a unit of Blackstone Group LP for $3.5 billion in stock and cash.

Hudson, a real estate investment trust focused on office properties, will pay $1.75 billion in cash and issue about 63.5 million shares and operating partnership units to Blackstone.

Blackstone funds will own about 48 percent of Hudson’s common equity on a fully diluted basis after the deal, the company said. (Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Kirti Pandey)

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