Prologis (PLD) announces $4 billion industrial acquisition.
In conjunction with its second quarter earnings release, Prologis announced that it has agreed to acquire a portfolio of 236 industrial properties for $3.99 billion in a cash transaction scheduled to close in late 2019. The properties have an approximate 96% overlap with PLD's existing markets, including Southern California, San Francisco, Chicago, Atlanta, Dallas, Seattle and New Jersey. PLD expects to contribute the properties to its existing U.S. institutional co-investment funds, and therefore expects a minimal impact on consolidated leverage metrics. The transaction is expected to be accretive to annual Core FFO by approximately $0.05-0.06/share.