Industrial real estate giant Prologis Inc. and Norway’s sovereign wealth fund will pay $5.9 billion for KTR Capital Partners, Prologis announced recently.
The acquisition expands San Francisco-based Prologis’s position in Florida, among other markets, and includes the assumption of about $700 million in debt, Bloomberg reported. It also includes the issuance of as much as $230 million of common limited partnership units in Prologis LP to KTR.
KTR owns about 70 million square feet of real estate in 25 markets including South Florida.
“KTR has been our toughest U.S. competitor and has constructed a portfolio which is a very good fit,” Gene Reilly, CEO of the Americas at Prologis, said in a statement.
In March, a Prologis partnership sold its Miami-Dade and Broward business parks for nearly $78 million to an affiliate of Singapore’s sovereign wealth fund.