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Prologis is set to acquire nearly 14 million square feet of industrial properties from Blackstone for $3.1 billion

Prologis Expands in Atlanta as Part of $3.1B Industrial Buy

Prologis is set to acquire nearly 14 million square feet of industrial properties from Blackstone for $3.1 billion, funded by cash. The price represents an approximately 4-percent cap rate in the first year and a 5.75-percent cap rate when adjusting to today’s market rents. The transaction is expected to close by the end of June.

Prologis owns 1.2 billion square feet of logistics real estate in 19 countries. This acquisition expands its footprint in Atlanta, Baltimore/Washington DC, California, Dallas, Las Vegas, New York/New Jersey, Phoenix and South Florida. The company plans to hold all of the properties acquired. 

Eastdil Secured, Barclays, BofA Securities, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, PJT Partners and Wells Fargo acted as financial advisors to Blackstone, and Simpson Thacher & Bartlett LLP acted as legal advisor.

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ProLogisBlackstoneEastdil SecuredBarclay'sBofA SecuritiesCitigroup Global Markets Inc.Deutsche Bank Securities Inc.Goldman Sachs & Company LLCJP Morgan Securities LLCMorgan Stanley & Company LLCPJT PartnersWells FargoSimpson Thacher & Bartlett

About Angela Noote

Angela Noote is a native of Northern California and graduated from Chico State with a degree in public relations. After college she moved to the Central Coast and worked first in ad sales then in editorial, eventually spending more than a decade as a print reporter and editor. She detoured into design work at a printer/publisher, and with a partner eventually opened a boutique full-service marketing agency. Moving into corporate communications, she built and managed several successful marketing teams in the hospitality, financial services, and nonprofit industries. Most recently she was an internal comms manager in the tech sector. After a long stint spent in Georgia (Go Dawgs), she moved to Baton Rouge, LA and has written for clients in the financial, luxury imports, higher ed, commercial cleaning, and medical equipment industries. Her son is a media arts major at the University of South Carolina, and her husband owns a comedy theater in Baton Rouge, where you can often find Angi teaching improv classes, leading corporate training events, or doing an occasional stand up set.

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