Overview
- The joint venture opens with approximately 4.1 million square feet in its initial portfolio and capacity for additional investments.
- It targets purpose-built distribution facilities across major U.S. markets, combining Prologis’ development platform with GIC’s long-term capital.
- The structure is intended to fund projects as customer commitments are secured, emphasizing pre-leased, mission-critical facilities with a favorable risk profile for investors.
- Prologis CEO Daniel S. Letter cited build-to-suit activity as a clear signal of customer conviction, while GIC real estate CIO Goh Chin Kiong pointed to e-commerce growth, supply-chain reshoring and resilient consumer spending as key drivers.
- Prologis reported $3.1 billion in project starts last year with more than 60% build-to-suit, and it manages 1.3 billion square feet with $230 billion in assets.