Prologis to acquire 14 million square feet of industrial properties from Blackstone for $3.1 billion

Prologis Inc.
PLD,
+0.81%
and Blackstone Inc.
BX,
+1.31%
said Monday they have reached an agreement for Prologis to acquire 14 million square feet of industrial properties for $3.1 billion in cash. The deal is expected to close in the second quarter and to allow Prologis, a real estate logistics company, to expand its presence in the warehouse space, which has near record low vacancy rates. San Francisco-based Prologis owns 1.2 billion square feet of logistics real estate in 19 countries and plans to hold all of the property it’s acquiring. The stock was slightly higher premarket and has gained 3.7% in the year to date, while the S&P 500
SPX,
-0.15%
has gained 13%.