Prologis, a real estate investment trust company, recently disclosed that it is planning to buy Black Creek Group’s Industrial Property Trust (IPT). This deal is valued at approximately $4 Billion. IPT trust is considered as a portfolio of the U.S. industrial properties. According to the company, the latest deal comprises of about 37.5 million square feet of industrial holdings along with 236 properties. According to the sources, the deal will expand the firm’s footprint in the San Francisco Bay area, Southern California, Atlanta, Chicago, Seattle, Dallas, and New Jersey.
Prologis anticipates that the latest agreement will add to its yearly core funds from operations by approximately 5–6.1 cents on a per-share basis. According to the sources, the firm plans to close the deal around late 2019 or early 2020. Reportedly, IPT has appointed Eastdil Secured and Morgan Stanley & Co as its financial advisers.
On a similar note, Wheeler Real Estate Investment Trust recently disclosed that it is reducing the balance on the company’s KeyBank line of credit. David Kelly, who is the President and CEO of Wheeler Real Estate Investment Trust, proclaimed that the latest is another strategic and deliberate step in shrinking the carrying balance on the firm’s KeyBank line of credit. He added that the latest refinancing will allow the firm to further reduce the outstanding balance on its KeyBank line of credit. At the same time, it will also demonstrate Wheeler Real Estate Investment Trust’s commitment to delivering on its stated objectives of producing a flexible, solid balance sheet.
In recent times, the firm received a term loan of about $16.5 Million at an interest rate of approximately 4.28%. The company explained that it is a 10-year fixed-rate loan. Reportedly, the latest loan is secured by the Kroger-anchored 297,950 square-foot shopping center.