By Robbie Whelan And Shayndi Raice
Prologis Inc., a big owner of warehouses and distribution
centers, agreed to buy industrial-property owner KTR Capital
Partners for $5.9 billion, in one of the largest real-estate deals
so far this year.
Prologis said in a statement that it would buy closely held KTR,
which owns about 70 million square feet of real estate,
concentrated largely in California, New Jersey, Chicago, South
Florida and Texas. The statement confirmed an earlier report from
The Wall Street Journal.
The purchase price includes the assumption of about $700 million
of secured mortgage debt and the issuance of as much as $230
million of limited partnership units to KTR, according to the
statement.
Prologis is buying KTR through a joint venture that is 45%-owned
by Norges Bank Investment Management, which manages the Norwegian
Government's pension fund.
Write to Robbie Whelan at robbie.whelan@wsj.com and Shayndi
Raice at shayndi.raice@wsj.com
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