Deals
Prologis to Buy Black Creek's IPT for $4 Billion
- Combining is expected to lower costs relative to assets
- CEO Moghadam plans to sell about a fifth of IPT’s portfolio
Photographer: Yuriko Nakao/Bloomberg
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Prologis Inc. agreed to buy warehouse owner Industrial Property Trust for about $4 billion to bulk up its business catering to companies such as Amazon.com Inc. and FedEx Corp.
The cash deal, which includes the assumption and repayment of debt, will probably close late this year or early next, Prologis said Monday, confirming an earlier report by Bloomberg. The portfolio includes 236 properties in areas such as Southern California, the San Francisco Bay Area, Chicago, Atlanta, Dallas, Seattle and New Jersey -- with about 96% in markets Prologis is present. Combining businesses will lower costs relative to assets, it said.