Blackstone Buys Duke Realty Portfolio

Buyout giant Blackstone Group is paying $1.08 billion for the suburban office portfolio of Duke Realty Corp. The portfolio includes 82 suburban office properties located in Atlanta, Chicago, Columbus, Dallas, Minneapolis, Orlando and Tampa, Reuters reported.

(Reuters) – Duke Realty Corp said it will sell its suburban office portfolio to private equity firm Blackstone Group for $1.08 billion.

The portfolio has 82 suburban office properties located in Atlanta, Chicago, Columbus, Dallas, Minneapolis, Orlando and Tampa.

Blackstone expects its latest real estate fund to raise more than $10 billion at a time when other big-name private equity managers have had to content themselves with smaller funds.

The deal is expected to close on or about Dec. 1, 2011.