Prologis Inc. late Monday reported second quarter 2019 results and announced it has signed a definitive merger agreement to buy warehouse owner Industrial Property Trust Inc. for approximately $4 billion.
“This is a compelling opportunity to acquire a portfolio of excellent asset quality and submarket composition consistent with our U.S. investment strategy and footprint,” said Eugene Reilly, chief investment officer, Prologis. “We expect to capture significant cost and revenue synergies, in addition to enhancing customer relationships and insights.”
The 37.5 million-square-foot operating portfolio comprises 236 properties – 96 percent of which are in existing Prologis markets. Specifically, the transaction expands the company’s position in Southern California, the San Francisco Bay Area, Chicago, Atlanta, Dallas, Seattle and New Jersey, where the company has offices in East Rutherford.