Prologis and Norges Bank Investment Management have partnered to acquire the real estate assets of KTR Capital Partners for $5.9 billion. The properties will be acquired by Prologis US Logistics Venture, a 55-45 JV between it and the Norwegian government pension fund.
The two companies are acquiring a portfolio that encompasses 60 million square foot and is comprised of 322 properties. The properties are very complementary to Prologis’ existing holdings, the REIT says, enhancing in particular its footprint Southern California, New Jersey, Chicago, South Florida, Seattle and Dallas. The acquisition also includes 3.6 million square feet of development-in-progress and a land bank with a build-out potential of 6.8 million square feet.
