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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.
- ◦Sale/Acquisition