Prologis will acquire nearly 14 million square feet of industrial properties from opportunistic real estate funds affiliated with Blackstone for $3.1 billion, funded by cash.
Nadeem Meghji, head of Blackstone Real Estate Americas, said, "Where you invest matters, and this transaction demonstrates the exceptional demand for high-quality warehouses. With near-record-low vacancy, logistics remains a high conviction theme for us; we are proud owners of $100 billion of warehouses in North America and $175 billion in total around the world. And, of course, Prologis is a world-class company that knows this space as well as anyone."
Prologis now owns 1.2 billion square feet of logistics real estate in 19 countries. This acquisition expands the company’s presence in key markets, including Atlanta; Baltimore/Washington, D.C.; California (Southern California, Central Valley, Bay Area); Dallas; Las Vegas; New York/New Jersey; Phoenix and South Florida. The company plans to hold