SAN FRANCISCO and NEW YORK, June 26, 2023 /PRNewswire/ -- Prologis, Inc. (NYSE:PLD) and Blackstone (NYSE:BX) today announced a definitive agreement for Prologis to acquire nearly 14 million square feet of industrial properties from opportunistic real estate funds affiliated with Blackstone for $3.1 billion, funded by cash. The acquisition price represents an approximately 4% cap rate in the first year and a 5.75% cap rate when adjusting to today's market rents. "We're pleased to be working with Blackstone on this deal.