Prologis and GIC have created a US$1.6 billion joint venture to develop and own build-to-suit logistics facilities across major US markets.
The new venture includes US$1.6 billion in combined capital commitments, which includes an initial portfolio of approximately 4.1 million square feet (381,000 square metres) with additional capacity for future investments.
The venture combines Prologis’ development and operating platform with long-term institutional capital and will operate within Prologis Strategic Capital, the company’s asset management business. It is designed to scale with demand as customer commitments are secured. Prologis has 1.3 billion square feet (121 million square metres) of properties in 20 countries.
“With strong ecommerce growth, the reshoring of supply chains and resilient consumer spending, industrial remains a strong long-term investment theme in North America,” says Goh Chin Kiong, CIO of real estate, GIC. “Our partnership with P
