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Prologis Buys Black Creek's Platform For $3.9B

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Prologis Buys Black Creek's Platform For $3.9B

Prologis, Inc. (NYSE: PLD) will acquire Black Creek Group’s investment platform, Industrial Property Trust Inc., in an all cash transaction valued at approximately $3.99 billion.

The transaction will not include IPT's minority ownership interests in its two unconsolidated joint venture partnerships. IPT's board of directors have approved the transaction.

"We believe this transaction makes sense for our investors as we want to deliver shareholder returns that maximize the current economic environment,” said Raj Dhanda, CEO of Black Creek Group. “The industrial sector continues to be one of the strongest in commercial real estate with record low vacancies and demand outpacing supply. Given the strength of the sector, not only do we plan to continue to develop and acquire assets for other portfolios but create products that make sense for investor needs and the market cycle."

Prologis shares are trading up 0.07% at $80 in Tuesday’s pre-market session.

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