Prologis signs $1.6B JV
Prologis announced a $1.6 billion joint venture with GIC to scale pre-leased, mission‑critical build‑to‑suit logistics assets—including Southern California—signaling a push for long‑term, customizable facilities. The deal is framed as a structural move to reshape build‑to‑suit growth and valuation across top U.S. logistics markets. (simplywall.st)
The joint venture was seeded with an initial portfolio of about 4.1 million square feet and the partners disclosed “additional capacity” for future investments. (prologis.com) (prologis.com (prologis.com)) Prologis will provide its development and operating platform under its Strategic Capital program, enabling the JV to deploy long‑term institutional capital alongside Prologis’ development capabilities. (ir.prologis.com) (ir.prologis.com (ir.prologis.com)) Prologis reported a global footprint of roughly 1.3 billion square feet and approximately $230 billion of assets under management, positioning the JV to tap the company’s scale and tenant relationships. (prologis.com) (prologis.com (prologis.com)) Prologis disclosed it started about $3.1 billion of development projects in 2025, with build‑to‑suit work representing more than 60% of those starts, indicating the JV will sit on the company’s higher‑conviction pipeline. (ir.prologis.com) (ir.prologis.com (ir.prologis.com)) The partners said the JV’s projects will prioritize facilities built to support automation and high throughput for long‑term, mission‑critical customers, citing custom design and long leases as underwriting priorities. (prologis.com) (prologis.com (prologis.com)) The institutional investor backing the JV also launched a separate U.S. build‑to‑suit platform with Realty Income in January 2026, a move industry press characterized as a concerted push by that investor into pre‑leased customized logistics stock. (perenews.com) (perenews.com (perenews.com))
