IE Business Daily Business news for the Inland Empire.
One of the world’s largest owners of industrial properties just got bigger.
San Francisco-based Prologis, in partnership with Norges Bank Investment Management, has bought KTR Capital Partners for $5.9 billion, according to a Prologis statement.
KTR Capital, which is headquartered in New York and Philadelphia, owns nearly 70 million square feet of industrial properties in 25 U.S. markets. Most of that property is in California, New Jersey, Texas, South Florida and the Chicago area, according to the company’s website.
Those properties compliment Prologis’ portfolio, which includes an estimated 590 million square feet of logistical space either owned, managed or under construction in 21 countries.
About 3.5 million square feet of the property being acquired is reportedly under development.
“It is rare to have the opportunity to acquire a portfolio of such high asset quality, customer profile and market composition that is so consistent with our own,” said Hamid Moghadam, Prologis’ chief executive officer, in a statement.
Prologis’ portfolio, not including what it is acquiring from KTR Capital, is worth an estimated $53 billion, according to the real estate investment trust’s website.
The deal, one of the largest transactions of its kind this year, is expected to close within the next 30 to 60 days. Prologis owns or manages nearly 35 million square feet of industrial properties in the Inland Empire, according to a company spokesperson who declined to be identified.
