Prologis and GIC Form $1.6 Billion Logistics Joint Venture
Prologis and GIC have formed a $1.6 billion joint venture to develop and own build-to-suit logistics facilities across major U.S. markets, the companies announced today. The new venture includes $1.6 billion in combined capital commitments, which includes an initial portfolio of approximately 4.1 million square feet with additional capacity for future investments. Prologis is the world's largest logistics real estate company, with 1.3 billion square feet of properties in 20 countries and $230 billion of assets under management. "Build-to-suit activity continues to be one of the clearest signals of customer conviction across our business," said Daniel Letter, chief executive officer of Prologis. "This joint venture with GIC builds on that momentum by pairing our platform and development expertise with a partner that shares our long-term perspective."
