January 10, 2020
Prologis, Inc. (NYSE: PLD) has completed its $4 billion acquisition of the wholly-owned real estate assets of Industrial Property Trust Inc. (IPT) for approximately $4 billion in cash. The deal includes the assumption and repayment of IPT’s debt.
Prologis acquired IPT through its two U.S. co-investment ventures, split evenly between Prologis USLF and Prologis USLV. The portfolio encompasses 37.5 million square feet in 236 properties, with 96 percent of the assets acquired located in existing Prologis markets, pointing to some immediate asset management efficiencies. The transaction expands Prologis’ position in top-tier industrial/logistics intensive National markets, including Southern California, the San Francisco Bay Area, Chicago, Atlanta, Dallas, Seattle and New Jersey.
Prologis CIO Eugene F. Reilly commented, “These high-quality assets are located in markets and submarkets that we believe offer the best long-term investment potential. In addition, we welcome IPT’s 450 customers, 172 of which are existing Prologis relationships. ”
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