KTR Capital Partners announced that Prologis, Inc. acquired the real estate assets and operating platform of KTR and its affiliates for a total purchase price of $5.9 billion.
KTR’s three investment funds were acquired by Prologis U.S. Logistics Venture (USLV), a 55-45 consolidated joint venture with Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund Global.
In aggregate, the portfolio is comprised of 60 million square feet of in-service properties, 3.6 million square feet of development in-progress and land with 6.8 million square feet of potential build-out.
Over the past decade, KTR has become a recognized industry leader by directly sourcing, proactively targeting and creatively structuring industrial real estate investments. With a narrow focus on high demand markets and high barrier-to-entry sub-markets in particular, KTR established a formidable presence in the most heavily sought after U.S. industrial markets including Los Angeles, New Jersey, Chicago, Miami, Dallas, Houston, Seattle and the San Francisco Bay Area.
During the firm’s tenure, KTR invested over $7 billion of capital across 215 transactions encompassing nearly 600 properties totaling over 100 million square feet of acquisitions and over 25 million square feet of speculative and build-to-suit development. KTR’s total-return-focused and disciplined investment strategy resulted in sector-leading investment returns that far exceed industry benchmarks.
Morgan Stanley & Co. LLC and Eastdil Secured acted as financial advisors and Weil, Gotshal & Manges LLP acted as legal counsel to KTR. CBRE National Partners provided an independent Opinion of Value for each of the Funds.