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Blackstone to buy property worth $820 million from Dexus: report
April 5, 2012 / 3:57 AM / 6 years ago

Blackstone to buy property worth $820 million from Dexus: report

SYDNEY (Reuters) - Blackstone (BX.N) 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 (DXS.AX), Bloomberg reported on Thursday citing a person with knowledge of the deal.

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

Private equity firm Blackstone owns more than 45 million sq feet of industrial real estate through a Chicago-based company called IndCor Properties Inc, it said.

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.

($1 = 0.9752 Australian dollars)

Reporting by Narayanan Somasundaram; Editing by Ed Davies

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