Prologis, Inc. and global investor GIC have formed a $1.6-billion joint venture to develop and own build-to-suit logistics facilities across major U.S. markets, the companies announced today. The new venture includes an initial portfolio of approximately 4.1 million square feet with additional capacity for future investments.
“Build-to-suit activity continues to be one of the clearest signals of customer conviction across our business,” said Daniel S. Letter, CEO of Prologis. “This joint venture with GIC builds on that momentum by pairing our platform and development expertise with a partner that shares our long-term perspective.”
The venture combines Prologis’ development and operating platform with long-term institutional capital and will operate within Prologis Strategic Capital, the company’s asset management business. It is designed to scale with demand as customer commitments are secured.
More than 60% of Prologis’ $3.1 billion in 2025 construction starts came from BTS projects, the company said Thursday.
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