Transactions - APRIL 20, 2015

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Prologis to acquire KTR Capital Partners in $5.9b deal

by Andrea Waitrovich

Prologis and its partner Norges Bank Investment Management, manager of Norway’s Government Pension Fund Global, have agreed to acquire the real estate assets and operating platform of KTR Capital Partners. Mayer Brown represented Prologis.

The total consideration for the transaction is $5.9 billion, including the assumption of approximately $700 million of secured mortgage debt and the issuance of up to $230 million (less assumed liabilities) of common limited partnership units in Prologis LP to KTR.

“It is rare to have the opportunity to acquire a portfolio of such high asset quality, customer profile and market composition that is so consistent with our own,” said Hamid Moghadam, chairman and CEO of Prologis, in a statement.

The properties comprise KTR’s three co-investment funds and will be acquired by Prologis U.S. Logistics Venture, a 55-45 consolidated joint venture, with Prologis holding majority of the partnership.

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