Prologis completes USD4bn acquisition of Industrial Property Trust
Prologis has completed the acquisition of the wholly owned real estate assets of Industrial Property Trust (IPT) for approximately USD4 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 per cent 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.
"We are very pleased to add IPT's portfolio to our platform," says Prologis chief investment officer Eugene F Reilly. "These high-quality assets are located in markets and submarkets that we believe offer the best long-term investment potential. In addition, we welcome IPT's 450 customers, 172 of which are existing Prologis relationships. With this acquisition, we have increased our presence in key US markets and will leverage the benefit of our scale and proven operating expertise to deliver enhanced service to our customers, maximising shareholder value."