Prologis lines up $4bn IPT acquisition

Prologis raised its profit outlook some 14% this week, after recording a 14% spike in second-quarter net income. The strong results were announced alongside news that it was lining up a $4bn acquisition of US industrial properties. Reuters reports that the company is about to buy Black Creek Group’s Industrial Property Trust (IPT), which would add 37.5m sq ft of industrial space, comprising 236 properties across Southern California, San Francisco Bay, Chicago, Atlanta, Dallas, Seattle and New Jersey. The deal is expected to close by the end of the year.