Private equity giant Blackstone Group, L.P. (BX) and industrial real estate developer Prologis, Inc. (PLD) agreed to acquire an industrial warehouse portfolio for $960 million, according to media reports on Wednesday. The portfolio of reportedly 17 million square feet warehouse and distribution centers are 80 percent majority owned by Lehman Brothers Holdings, Inc., and 20 percent owned by Prologis.
The deal will see IndCor Properties, Blackstone's national industrial portfolio company, operating about 9.5 million square feet of Reno, Nevada-based properties, while San Francisco-based Prologis will buy and operate the remaining properties primarily in Pennsylvania and Las Vegas.
New York-based Blackstone, which has been industrial real estate since 2010, is currently said to be one of the top three owners of warehouse and distribution centers. Following the proposed deal, Blackstone will hold a portfolio of about 100 million square feet of industrial real estate, managed by IndCor.
Earlier in the week, Blackstone agreed to acquire a portfolio of 23 institutional-quality industrial properties, which consists of about 4.3 million square feet from First Potomac Realty Trust (FPO) for $241.5 million. The properties, located in Southern Virginia, Baltimore, Maryland and Washington, D.C. Submarkets, will be managed by IndCor.
BX closed Wednesday's regular trading session at $22.38, down $0.95 or 4.07% on a volume of 7.59 million shares, and PLD closed at $43.50, down $1.27 or 2.84% on a volume of 4.07 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.