Prologis and Norway’s Norges Bank Investment Management will buy KTR Capital Partners for $5.9 billion. It’s a big buy for Prologis: KTR owns nearly 70 million square feet of industrial real estate in 25 markets.
The purchase will officially be made by Prologis U.S. Logistics Venture, Prologis’ partnership with the Norway bank.
With the buy, Prologis can now expand its operations in several key markets, including Chicago.
In a written statement, Hamid Moghadam, chairman and chief executive officer of ProLogis, said that the chance to acquire a company like KTR Capital Partners doesn’t happen often.
“It is rare to have the opportunity to acquire a portfolio of such high asset quality, customer profile and market composition that is so consistent with our own,” Moghadam said in his statement.
KTR Capital Partners boasts about 89 employees in eight offices across the United States. According to the company’s Web site, its management team members average 25 years of industrial real estate experience. The company only focuses on industrial transactions.
