The proposed purchase helps ProLogis continue its aggressive push into foreign industrial real estate markets, said Matthew Gallino, director of Fitch Ratings’ REIT group in New York. But they know each other well because they compete in a narrow niche of the commercial property market: Only a half-dozen real estate trusts focus in the segment.Īlso, Ted Antenucci, president of Catellus’ commercial development, has a home in Evergreen and considers ProLogis “a formidable competitor.” The two companies declined to say how long they have been talking. They expect to develop at least 12 percent of the roughly 100 million square feet of industrial warehouses projected to be constructed in the U.S.
The world’s largest real estate investment trust specializing in warehouse development is paying nearly $34 a share in cash and stock to purchase San Francisco-based Catellus Development Corp.Ĭombined, the companies will have assets exceeding $21 billion. ProLogis, an Aurora company that touches just about every product found in American households, further cemented its lead in the global warehousing industry Monday by agreeing to pay $4.9 billion for a competitor. Digital Replica Edition Home Page Close Menu
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