Prologis Inc said on Monday it has agreed to buy 14 million square feet of industrial properties from real estate funds affiliated with Blackstone for $3.1 billion in an all-cash deal.
The acquisition price represents about "4% cap rate in the first year and a 5.75% cap rate when adjusting to today's market rents", the warehouse-focused real estate investment trust said in a statement.
The company plans to hold all of the properties acquired. It currently owns 1.2 billion square feet of logistics real estate in 19 countries. Prologis and Blackstone have completed more than a dozen transactions together in the past 11 years, according to the statement.
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