Prologis in talks to buy Industrial Property Trust for $4bn

Prologis in talks to buy Industrial Property Trust for $4bn

Global logistics real estate company Prologis Inc. is in talks to purchase Industrial Property Trust for about $4 billion from Black Creek Group, according to Bloomberg reports Monday, citing “people with knowledge of the matter.”

Industrial Property Trust Inc. (Industrial Property Trust or IPT) operates as a real estate investment trust (REIT) that acquires and operates high-quality distribution warehouses that are leased to corporate customers.

IPT’s owner, Black Creek Group, put the nontraded real-estate investment trust up for sale in February.

A Prologis spokesman didn’t comment and Industrial Property representatives didn’t immediately respond to requests for comment, the report said.

IPT’s assets under management (AUM) reached approximately $3.9 billion as of December 31, 2018.

IPT’s total portfolio is composed of 285 buildings with a total of 49.6 million net rentable square feet and is 95.5 percent leased as of December 31, 2018.

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