Hudson Pacific Properties Inc said it would buy a portfolio of office buildings in California from a unit of Blackstone Group LP for $3.5 billion in stock and cash.
Hudson, a real estate investment trust focused on office properties, will pay $1.75 billion in cash and issue about 63.5 million shares and operating partnership units to Blackstone.
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Blackstone funds will own about 48 percent of Hudson's common equity on a fully diluted basis after the deal, the company said. (Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Kirti Pandey)