Prologis and real estate investor Ivanhoé Cambridge have announced an agreement to form an 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 6.9m sq ft of operating properties and 371 acres of land from Prologis’ balance sheet with a commitment to build out the existing land bank.
Gene Reilly, Prologis’ Chief Executive Officer of the Americas said: “With this venture, we are increasingly well-positioned to meet the growing demand for modern logistics space – as more than 40% of the country’s GDP is located in São Paulo and Rio de Janeiro.”
The transaction is subject to customary closing conditions, including applicable regulatory and third-party approvals.
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