Blackstone Group To Sell California Buildings For $3.5 Bln : WSJ

(RTTNews) - Private equity firm Blackstone Group L.P. (BX) agreed to sell its northern California portfolio of 26 office buildings to a Los Angeles-based real-estate investment trust, Hudson Pacific Properties Inc. for $3.5 billion, the Wall Street Journal reported.

The REIT will pay $1.75 billion in cash and the rest in stock, making Blackstone a 48% stakeholder in the company.

Last week, Blackstone Group said funds affiliated with Blackstone Real Estate Partners VI & VII agreed to sell their wholly-owned U.S. industrial platform, IndCor Properties, to affiliates of Singapore's sovereign wealth fund GIC for $8.1 billion.