Hudson Pacific Properties Inc will purchase a portfolio of office buildings in California from Blackstone Group LP in a $3.5 billion stock-and-cash deal that is larger than Hudson's market value.The deal will more than double Hudson's portfolio to 53 properties totaling 14.6 million square feet across northern and southern California and the Pacific Northwest.Hudson, a real estate investment trust focused on office properties, said it would pay $1.75 billion in cash and issue about 63.5 million shares and operating partnership units to Blackstone.The stock portion of the deal is valued at $1.79 billion, based on Hudson's Friday close. The company had a market value of about $1.9 billion as of Friday.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX remained unchanged at $33.94. In the past year, the shares have traded as low as $26.56 and as high as $36.08. On average, 4958100 shares of BX exchange hands on a given day and today's volume is recorded at 1700.
Hudson Pacific Properties, Inc. is a full-service, vertically integrated real estate investment trust (REIT) focused on owning, operating and acquiring high-quality office properties in select growth markets primarily in Northern and Southern California. Shares of HPP remained unchanged at $28.17. In the past year, the shares have traded as low as $19.13 and as high as $28.59. On average, 266983 shares of HPP exchange hands on a given day and today's volume is recorded at 0.
Source
