NEW YORK, Oct 7 (Reuters) - Warehouse giant ProLogis is close to a deal to sell 180 properties to Blackstone Group LP for $1 billion, The Wall Street Journal reported on Thursday, citing people familiar with the matter.
The deal involves more than 20 million square feet of warehouse property across the United States, according to the report.
Denver-based ProLogis, one of the world's biggest warehouse companies, was not immediately available for comment. Blackstone was not immediately available for comment.
ProLogis has been working for years to pare a debt load taken on during an aggressive boom-time expansion, according to the report. In July, credit ratings agency Fitch Ratings stripped ProLogis of its investment-grade rating, partly because it was not clear how the company would raise money to pay down debt.
(Reporting by Soyoung Kim and Megan Davies. Editing by Robert MacMillan) Keywords: PROLOGIS/BLACKSTONE (soyoung.kim@thomsoonreuters.com; Reuters Messaging: soyoung.kim.reuters.com@reuters.net; +1 313 967 1903) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The deal involves more than 20 million square feet of warehouse property across the United States, according to the report.
Denver-based ProLogis, one of the world's biggest warehouse companies, was not immediately available for comment. Blackstone was not immediately available for comment.
ProLogis has been working for years to pare a debt load taken on during an aggressive boom-time expansion, according to the report. In July, credit ratings agency Fitch Ratings stripped ProLogis of its investment-grade rating, partly because it was not clear how the company would raise money to pay down debt.
(Reporting by Soyoung Kim and Megan Davies. Editing by Robert MacMillan) Keywords: PROLOGIS/BLACKSTONE (soyoung.kim@thomsoonreuters.com; Reuters Messaging: soyoung.kim.reuters.com@reuters.net; +1 313 967 1903) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.