Simpson Thacher Represents Blackstone and Hilton in Their $1.02 Billion Acquisition of Certain Assets Owned by ProLogis
12.13.10
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The Firm represented affiliates of The Blackstone Group in connection with its acquisition from ProLogis of a portfolio of 182 industrial properties comprising over 23 million square feet of space in 19 states and 28 markets. The 182 industrial assets are leased to over 500 tenants. ProLogis has retained a preferred equity interest of approximately $190 million in the Blackstone entity that acquired the portfolio. The acquisition was financed by a $514 million syndicated five-year senior secured term loan originated by Wells Fargo.
Separately, the Firm represented Hilton Worldwide Inc. in connection with its acquisition of ProLogis’ minority interest in the Hilton New Orleans Riverside Hotel. Hilton owns the remaining interest in the joint venture. Both deals closed on November 18, 2010. The combined sale was one of the largest commercial real estate sales of this year.
The Simpson Thacher attorneys who worked on this transaction include: Sas Mehrara, Ari Stavsky, Bryan Gordon, Julia Miller, Brandon Greer, Frank Giovinazzo and David Gross (Real Estate); Nancy Mehlman and Andrew Purcell (Tax); Jamin Koslowe and Paula Han (Executive Compensation and Employee Benefits); and Peter Gilman, Shannon O’Sullivan and Michael Sabin (Funds). Aimee Sorbo provided invaluable paralegal assistance.