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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