Prologis Buys IPT

Prologis buys IPT.
   
Prologis buys Industrial Property Trust for $3.99 billion.
   
The evolution of e-commerce and faster delivery times has created a demand for industrial real estate in logistics hubs near big cities everywhere.
   
This deal is for a 37.5 million square foot operating portfolio of 236 properties located across 24 geographic areas.  It opens out the Prologis presence in Southern California, the Bay Area, Chicago, Atlanta, Dallas, Seattle, and New Jersey.
   

IPT was created in 2012 by Black Creek Group, a private-equity firm that focuses on real estate.
   
Hamid Moghadam of Prologis said: ‘We are off to an excellent start to the second half of the year as we’ve entered into an agreement to acquire IPT.  The acquisition of this high-quality portfolio will deliver added shareholder value upon close.’
   
Eugene Reilly of Prologis said: ‘This is a compelling opportunity to acquire a portfolio of excellent asset quality and submarket composition consistent with our US investment strategy and footprint.  We expect to capture significant cost and revenue synergies, besides enhancing customer relationships and insights.’
   
Thomas Olinger of Prologis said: ‘We have worked diligently to create a balance sheet that allows us to take advantage of opportunities such as this, and we stay committed to maintaining our financial strength.  This accretive transaction advances our strategy of using our scale to grow earnings with no incremental overhead.’
   
Raj Dhanda of Black Creek Group said: ‘We believe this transaction makes sense for our investors as we want to deliver shareholder returns that maximize the current economic environment.  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, we plan to continue to develop and acquire assets for other portfolios and create products that make sense for investor needs and the market cycle.’
Evan Zucker of Black Creek Group said: ‘In our more than 25-year history, we have delivered four full-cycle industrial portfolios and are excited to deliver another with this announcement.  The transaction is a testament to our commitment to delivering high-quality products that create value for our investors.’
   
Hamid Moghadam added: ‘This is not our first rodeo.  This is a bite-sized deal for us, and we feel confident about closing this transaction and properly integrating the portfolio and realizing the synergies.  We’ve got this down to a science.’
   
Morgan Stanley and Eastdil Secured serve as financial advisers to IPT.  CBRE serves as real estate advisor.  Hogan Lovells serves as legal adviser.

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