Blackstone Sells Properties to HPP for $3.5B
Blackstone made another in a long line of high profile deals by selling 26 Northern California properties to the real estate investment trust Hudson Pacific Properties for $3.5B. HPP will pay $1.75B in cash in the transaction and the remainder in stock, which will give Blackstone a 48% interest in the REIT. The portfolio spans 8.1M SF, mostly in San Francisco and Silicon Valley.
The private equity giant has recently been unloading distressed properties it picked up during the Great Recession as prices recover. Last week, Blackstone sold the industrial landlord IndCor Properties to Singapore's sovereign wealth fund. It has also reached a deal to sell Manhattan's 1095 Sixth Avenue to an Ivanhoe Cambridge-led JV partnership for $2.25B, the second biggest price tag ever attached to an American office building.
