Blackstone Group LP plans to sell 26 properties in northern California to real estate investment trust Hudson Pacific Properties Inc. for $3.5 billion.
The sale price comprises $1.75 billion in cash, with the remainder in stock. As a result, Blackstone will hold an around 48% stake in Hudson, the companies said in a statement.
The deal is the latest in a number of divestments by Blackstone as it looks to exit holdings acquired in its 2007 purchase of Equity Office Properties Trust.
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