Prologis To Acquire 14MSF Blackstone Industrial Portfolio In $3.1B Deal, Funded By Cash
Portfolio Pulse from Happy Mohamed
Prologis (NYSE:PLD) will acquire a 14 million square feet industrial portfolio from Blackstone (NYSE:BX) for $3.1 billion in cash. The deal expands Prologis' presence in key markets and adds 77 new customers.
June 26, 2023 | 12:09 pm
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POSITIVE IMPACT
Prologis acquires 14MSF industrial portfolio from Blackstone for $3.1B, expanding presence in key markets and adding 77 new customers.
The acquisition will expand Prologis' presence in key markets, including Atlanta, Baltimore/Washington DC, California, Dallas, Las Vegas, New York/New Jersey, Phoenix, and South Florida. This deal also expands Prologis' relationship with 50 existing customers and adds 77 new customers, which will likely have a positive impact on the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Blackstone sells 14MSF industrial portfolio to Prologis for $3.1B in cash.
Blackstone is selling the industrial portfolio to Prologis for $3.1 billion in cash. While this transaction will provide Blackstone with a significant cash infusion, it is unclear how the company plans to use the proceeds. As a result, the short-term impact on Blackstone's stock price is neutral.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 100