Prologis acquires $3.1B warehouse portfolio from Blackstone

Prologis and Blackstone announced a definitive agreement for Prologis to acquire nearly 14 million square feet of industrial properties from opportunistic real estate funds affiliated with Blackstone for $3.1 billion, funded by cash. The acquisition price represents an approximately 4% cap rate in the first year and a 5.75% cap rate when adjusting to today’s market rents, says release. “We’re pleased to be working with Blackstone on this deal. These high-quality properties are complementary to our portfolio and fit perfectly into our long-term strategic plan for growth,” said Dan Letter, President, Prologis. “The acquisition demonstrates our unique ability to add significant scale to our portfolio – expanding customer relationships and increasing opportunities for our growing essentials platform.”