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Prologis Takes Industrial Property Trust Portfolio for $4B

Prologis says it will acquire Black Creek Group’s Industrial Property Trust (IPT) platform for $3.99 billion in cash. The deal, which is subject to a 30-day go-shop period, follows the Blackstone Group agreement last month to buy GLP’s U.S. logistics portfolio for $18.7 billion.

“This is a compelling opportunity to acquire a portfolio of excellent asset quality and submarket composition consistent with our U.S. investment strategy and footprint,” said Eugene F. Reilly, CIO at Prologis. “We expect to capture significant cost and revenue synergies, in addition to enhancing customer relationships and insights.”

The acquisition covers 236 properties representing 37 million square feet, of which 97% is currently leased. Not included are IPT’s minority interests in two unconsolidated joint venture platforms.

At Denver-based Black Creek, CEO Raj Dhanda said the transaction “makes sense for our investors.” He added that “we plan to continue to develop and acquire assets for other portfolios.”

Pictured: An IPT warehouse in Carlisle, PA

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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