Prologis Inc. (PLD), a real estate investment trust, on Thursday said it formed a $1.6 billion joint venture with GIC Private Limited (GIC) to develop and own build-to-suit logistics facilities across major U.S. markets.
The venture includes $1.6 billion in combined capital commitments and an initial portfolio of about 4.1 million square feet, with additional capacity for future investments.
The partnership will operate within Prologis Strategic Capital, the company's asset management platform.
The joint venture combines Prologis' development and operating capabilities with GIC's long-term institutional capital to support logistics development tied to customer demand.
The initiative focuses on build-to-suit projects, which are typically pre-leased and designed for long-term use to support evolving supply chain needs.
In the pre-market trading, Prologis is trading 1.72% lesser at $128.93 on the New York Stock Exchange.
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