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The Wall Street Journal: Prologis buying Industrial Property Trust, a rival REIT, in $3.9 billion deal

Prologis Inc. has agreed to buy real-estate investment trust and warehouse owner Industrial Property Trust in a deal valued at $3.99 billion including debt, the company said Monday.

The deal with IPT includes an operating portfolio of 236 properties and expands the company’s position in Southern California, the San Francisco Bay Area, Chicago, Atlanta, Dallas, Seattle and New Jersey. The transaction is expected to close in the fourth quarter of 2019 or early 2020. IPT is owned by Denver-based Black Creek Group LLC, a private-equity firm that focuses on real estate.

San Francisco-based Prologis PLD, -0.11% is one of the largest industrial real-estate investment trusts, with a market capitalization of roughly $50 billion and a portfolio of 786 million square feet.

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