IE Business Daily Business news for the Inland Empire.
Prologis Inc., will purchase approximately 14 million square feet of industrial properties from Blackstone Inc. for $3.1 billion.
The all-cash transaction was expected to close within days of its June 27 announcement, according to a statement.
“These high-quality properties are complementary to our portfolio and fit perfectly into our long-term strategic plan for growth,” said Dan Letter, Prologis president, in the statement.
The acquisition demonstrates our ability to add scale to our portfolio and expand customer relationships.”
Based in San Francisco, Prologis is a real estate investment trust that specializes in logistics facilities. It is among the largest businesses of it its kind in the world. Blackstone Inc. is an investment management firm based in New York.
Prologis owns 1.2 billion square feet of logistics real estate worldwide, including 163 buildings in the Inland Empire that combined cover nearly 62 million square feet, according to the company’s website.
