Prologis announced on Jan. 8 that it had completed its acquisition of the wholly owned real estate assets of Industrial Property Trust Inc. (“IPT”) for approximately $4 billion in cash, including the assumption and repayment of debt.
The IPT portfolio comprises 37.5 million square feet and 236 properties, 96 percent of which are in existing Prologis markets. The transaction expands Prologis’ position in key U.S. markets, including Southern California, the San Francisco Bay Area, Chicago, Atlanta, Dallas, Seattle and New Jersey. Under the terms of the merger agreement, which was announced last July, Prologis acquired IPT through its two U.S. co-investment ventures, split evenly between USLF and USLV.
“We are very pleased to add IPT’s portfolio to our platform,” said Prologis chief investment officer Eugene F. Reilly. “These high-quality assets are 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. With this acquisition, we have increased our presence in key U.S. markets and will leverage the benefit of our scale and proven operating expertise to deliver enhanced service to our customers, maximizing shareholder value.”
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of September 30, 2019, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 797 million square feet (74 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,100 customers principally across two major categories: business-to-business and retail/online fulfillment.
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