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Prologis And Ivanhoé Cambridge To Form $890 Mln JV In Brazil

Prologis Inc. (PLD) and global real estate investor Ivanhoé Cambridge announced an agreement to form a 20/80 joint venture in Brazil.

Prologis Brazil Logistics Venture will develop and operate logistics real estate in Brazil, specifically in São Paulo and Rio de Janeiro. At closing, the venture will acquire an initial portfolio of assets of approximately 6.9 million square feet of operating properties and 371 acres of land from Prologis' balance sheet with a commitment to build out the existing land bank.

The transaction is subject to customary closing conditions, including applicable regulatory and third-party approvals.

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