• ITVI.USA
    14,266.650
    178.410
    1.3%
  • OTRI.USA
    21.850
    0.240
    1.1%
  • OTVI.USA
    14,237.620
    176.330
    1.3%
  • TLT.USA
    2.650
    -0.010
    -0.4%
  • TSTOPVRPM.ATLPHL
    2.540
    0.060
    2.4%
  • TSTOPVRPM.CHIATL
    2.460
    0.270
    12.3%
  • TSTOPVRPM.DALLAX
    1.360
    -0.040
    -2.9%
  • TSTOPVRPM.LAXDAL
    2.910
    0.180
    6.6%
  • TSTOPVRPM.PHLCHI
    1.490
    0.050
    3.5%
  • TSTOPVRPM.LAXSEA
    3.130
    0.260
    9.1%
  • WAIT.USA
    108.000
    5.000
    4.9%
  • ITVI.USA
    14,266.650
    178.410
    1.3%
  • OTRI.USA
    21.850
    0.240
    1.1%
  • OTVI.USA
    14,237.620
    176.330
    1.3%
  • TLT.USA
    2.650
    -0.010
    -0.4%
  • TSTOPVRPM.ATLPHL
    2.540
    0.060
    2.4%
  • TSTOPVRPM.CHIATL
    2.460
    0.270
    12.3%
  • TSTOPVRPM.DALLAX
    1.360
    -0.040
    -2.9%
  • TSTOPVRPM.LAXDAL
    2.910
    0.180
    6.6%
  • TSTOPVRPM.PHLCHI
    1.490
    0.050
    3.5%
  • TSTOPVRPM.LAXSEA
    3.130
    0.260
    9.1%
  • WAIT.USA
    108.000
    5.000
    4.9%
LogisticsNews

Prologis closes on $4 billion purchase of Industrial Property Trust

Logistics real estate company Prologis Inc. (NYSE: PLD) said late Wednesday it has completed its $4 billion all-cash acquisition of Industrial Property Trust Inc. (IPT).

The deal, announced in July 2019, called for San Francisco-based Prologis to acquire IPT equally through its two U.S. co-investment ventures. The 450-customer IPT portfolio comprises 37.5 million square feet and 236 properties. The two companies share 172 common customers, and 96% of IPT’s footprint at the time the deal was announced was in existing Prologis markets.

Prologis said the transaction will expand its position in Southern California, the San Francisco Bay Area, Chicago, Atlanta, Dallas, Seattle and New Jersey.

“This is a compelling opportunity to acquire a portfolio of excellent asset quality and submarket composition consistent with our U.S. investment strategy and footprint. We expect to capture significant cost and revenue synergies, in addition to enhancing customer relationships and insights,” said Prologis’ Chief Investment Officer Eugene F. Reilly at the time of the deal.

IPT was owned by Denver-based Black Creek Group LLC, a private-equity firm that focuses on real estate.

The IPT deal was nowhere near Prologis’ largest during 2019. In October, the company acquired Liberty Property Trust (NYSE:LPT) for $12.6 billion. The Liberty deal strengthened Prologis’ presence in Pennsylvania’s Lehigh Valley, Chicago, Houston, Central Pennsylvania, New Jersey and Southern California.

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Mark Solomon

Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. Solomon began his journalistic career in 1982 at Traffic World magazine, ran his own public relations firm (Media Based Solutions) from 1994 to 2008, and has been at DC Velocity since then. Over the course of his career, Solomon has covered nearly the whole gamut of the transportation and logistics industry, including trucking, railroads, maritime, 3PLs, and regulatory issues. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. Postal Service from a mail-focused service to parcel, as well as the exponential, e-commerce-driven growth of warehouse square footage and omnichannel fulfillment.
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