Prologis forms $1.6B JV to develop logistics facilities

Warehouse operator Prologis announced Thursday that it has formed a $1.6 billion joint venture with institutional investor GIC. The initial capital commitment will fund the development and ownership of 4.1 million square feet of build-to-suit logistics space across major U.S. markets. The partnership will leverage Prologis’ (NYSE: PLD) development platform with GIC’s long-term investment. The venture will operate under Prologis’ asset management business, Prologis Strategic Capital. The structure is “desi ...