Prologis Inc. announced on Monday in a statement that it has entered into a definitive agreement with Blackstone Inc to acquire almost 14 million square feet of the latter's industrial properties for $3.1 billion, "funded by cash."
"We're pleased to be working with Blackstone on this deal. These high-quality properties are complementary to our portfolio and fit perfectly into our long-term strategic plan for growth," Prologis President Dan Letter commented. "Where you invest matters, and this transaction demonstrates the exceptional demand for high-quality warehouses," Blackstone Real Estate Americas head Nadeem Meghji said.
The transaction is expected to be completed by the end of the second trimester. At the moment, Prologis owns 1.2 billion square feet of logistics real estate in 19 countries.
