Warehouse and distribution center operator Prologis Inc. says it has acquired KTR Capital Partners, which owns more than 300 industrial properties in the U.S.
Prologis, which owns and operates more than 2,800 properties in North America, South America, Europe and Asia, will pay $5.9 billion for KTR. The purchase price includes the assumption of $700 million in debt.
Prologis uses its warehouses to provide logistics services to customers, helping them manage global supply chains. Many of its facilities are near airports, seaports and highway interchanges.
The acquisition will increase Prologis' presence in areas such as Southern California, New Jersey, Chicago, South Florida, Seattle and Dallas, the company says.
The deal should boost Prologis' funds from operations, a measure of earnings, by about 14 cents per share, the company says.