Prologis is set to acquire nearly 14 million square feet of industrial properties from Blackstone for $3.1 billion, funded by cash. The price represents an approximately 4-percent cap rate in the first year and a 5.75-percent cap rate when adjusted to current market rents. This transaction is expected to close by the end of June 2021.
The acquisition expands Prologis’ global portfolio of logistics real estate, which currently stands at 1.2 billion square feet across 19 countries, with new holdings in Atlanta, Baltimore/Washington DC, California, Dallas, Las Vegas New York/New Jersey Phoenix and South Florida that will be held long term as part of their portfolio .
Eastdil Secured; Barclays; BofA Securities; Citigroup Global Markets Inc.; Deutsche Bank Securities Inc.; Goldman Sachs & Co LLC; J P Morgan Securities LLC ; Morgan Stanley & Co LLC ; PJT Partners and Wells Fargo acted as financial advisors on behalf of Blackstone while Simpson Thacher & Bartlett LLP provided legal counsel throughout the process .
