Hamid Moghadam, the CEO and chairman of Prologis and the co-founder of AMB Property, noted that the company is not “stealing” DCT but is paying a fair price for a company with such high-quality assets.Ī decade ago, Prologis, despite being the largest industrial REIT in the world, was on the ropes. On Monday, DCT was the 14 th best performing stock in the U.S.Īnd for those who really like to get down and dirty with numbers, Prologis is paying a 4.4 percent cap rate for DCT’s portfolio, while Prologis’ U.S. The price Prologis is paying for DCT is a 15.6 percent premium to its closing last Friday, before the announcement. ![]() With a portfolio of 761 million square feet worldwide, it is about 70 percent bigger than its next five competitors combined. Prologis is, without doubt, the 800-pound gorilla in the logistics industrial game. Prologis is an abbreviation for “professional logistics.” In 1998, SCN changed in name to Prologis Trust, and five years later it dropped the Trust and became simply Prologis. SCN was one of the first big players to pick up industrial properties at still depressed prices following the real estate crash of the mid- to late 1980s caused by falling energy prices and tax law changes. SCN went on a buying spree and in 1993 entered the Denver market. ![]() In 1991, REIT pioneer William Sanders formed Security Capital Industrial Trust. Prologis, in fact, the largest industrial real estate investment trust in the world, for most of its history was based in the Denver area. Shown is DCT’s Champion Windows building at 1000 E.
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