Lehman Brothers Completes Sale of Its Industrial Property Assets to Blackstone and Prologis Business Wire 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. Contact: Media: Lehman Brothers Holdings Inc. Kimberly Macleod, 646-285-9215 firstname.lastname@example.org
Lehman Brothers Completes Sale of Its Industrial Property Assets to Blackstone and Prologis
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