Prologis (PLD) completes $4 billion industrial acquisition.
Prologis (PLD) announced today that it had completed the $4 billion acquisition of the Industrial Property Trust portfolio, comprising 236 properties and 37.5 million square feet of space. The properties are being acquired through institutional funds managed by PLD. PLD noted that 96% of the properties are located in existing markets "and will leverage the benefit of our scale and proven operating expertise to deliver enhanced service to our customers."
Founded in 1983, Prologis is the world's largest owner/developer of industrial real estate properties with a total managed portfolio aggregating 797 million square feet in 19 countries. PLD has a total market capitalization of approximately $70 billion and was added to the S&P 500 in 2003.