Lehman Brothers Completes Sale of Its Industrial Property Assets to
Blackstone and Prologis
NEW YORK -- August 7, 2013
A partnership controlled by Lehman Brothers Holdings Inc. announced today that
it has completed the sale of a 17.7 million square-foot industrial portfolio
of properties located primarily in Reno, Las Vegas and Central Pennsylvania.
The portfolio was sold in separate transactions to two buyers. Affiliates of
Blackstone Real Estate Partners VII acquired the assets located in Reno, which
will be managed by IndCor Properties, Blackstone's national industrial
portfolio company. Prologis, an existing partner in the seller venture,
acquired the assets located in Pennsylvania, Las Vegas and New Jersey.
Since the acquisition in 2007, Lehman and Prologis have reinvested in the
portfolio to stabilize both the properties and the capital structure. The
decision to monetize the portfolio today enables Lehman to capitalize on
strong demand for high-quality industrial product and deliver significant
value to its stakeholders.
Lehman Brothers Holdings Inc.
Kimberly Macleod, 646-285-9215
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