San Francisco based Prologis Inc. and Norway’s sovereign wealth fund have bought KTR Capital Partners for $5.9 billion. The purchase will strengthen Prologis’ postion in Florida among other markets, and includes the assumption of about $700 million in debt, according to Bloomberg. The portfolio includes 60 million square feet in 322 properties located throughout the U.S., 3.6 million square feet of space under construction and a land bank that could accommodate 6.8 million square feet of new development. Under the terms of the deal, KTR also gets as much as $230 million of common limited partnership units in Prologis LP. KTR owns about 70 million square feet of real estate in 25 markets including South Florida. “KTR has been our toughest U.S. competitor and has constructed a portfolio which is a very good fit,” said Gene Reilly, Prologis CEO of the Americas.
