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SAN FRANCISCO—Prologis has closed its acquisition of Industrial Property Trust's real estate assets for $4 billion in cash, including the assumption and repayment of debt.
Under the terms of the merger agreement, Prologis acquired IPT through its two US co-investment ventures, split evenly between USLF and USLV. The portfolio comprises 37.5 million square feet and 236 properties, 96% of which are in existing Prologis markets. The transaction expands Prologis' position in key markets across the US, including Southern California, the San Francisco Bay Area, Chicago, Atlanta, Dallas, Seattle and New Jersey.
Prologis has been steadily picking up both individual industrial assets and, more importantly, large-sized portfolios. In November of last year, the REIT and Norges Bank Investment Management struck a deal to acquire a 19 million square feet logistics real estate portfolio in a $1.99 billion deal that is expected to close in January 2020.
The portfolio consists of 127 properties located across multiple US markets, including Southern California, San Francisco Bay Area, Seattle and Dallas.
A higher-profile transaction was Prologis' $12.6 billion acquisition of Liberty Property Trust, which was announced in October.
It was in July when Prologis announced it had agreed to buy Black Creek Group's investment platform Industrial Property Trust.
Prologis has not won of all the deals it has pursued however. Reportedly it lost out to Blackstone for one of the biggest trades of last year year: its acquisition of GLP's US warehouse portfolio for $18.7 billion.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
