Prologis Inc. has concluded to buy real-estate investment trust and room owners Industrial Property Trust in a understanding valued during $3.99 billion including debt, a association pronounced Monday.
The understanding with IPT includes an handling portfolio of 236 properties and expands a company’s position in Southern California, a San Francisco Bay Area, Chicago, Atlanta, Dallas, Seattle and New Jersey. The transaction is approaching to tighten in a fourth entertain of 2019 or early 2020. IPT is owned by Denver-based Black Creek Group LLC, a private-equity organisation that focuses on genuine estate.
San Francisco-based Prologis
is one of a largest industrial real-estate investment trusts, with a marketplace capitalization of roughly $50 billion and a portfolio of 786 million block feet. The association has been an assertive acquirer, such as shopping DCT Industrial Trust Inc. final year for about $8.5 billion, including debt.
The expansion of e-commerce and same- or next-day shipping has generated direct for industrial genuine estate in logistics hubs nearby large cities around a country. Blackstone Group LP
outbid Prologis progressing this year for a network of U.S. industrial warehouses from Singapore-based GLP for $18.7 billion, The Wall Street Journal formerly reported.
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