Prologis and GIC Form $1.6 billion U.S. Build-to-Suit Logistics Joint Venture

SAN FRANCISCO and SINGAPORE, March 19, 2026 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD) and GIC, a leading global institutional investor, have formed a $1.6 billion joint venture to develop and own build-to-suit logistics facilities across major U.S. markets, the companies announced today.

The new venture includes $1.6 billion in combined capital commitments, which includes an initial portfolio of approximately 4.1 million square feet with additional capacity for future investments. Prologis is the world's largest logistics real estate company, with 1.3 billion square feet of properties in 20 countries and $230 billion of assets under management.

"Build-to-suit activity continues to be one of the clearest signals of customer conviction across our business," said Daniel S. Letter, chief executive officer of Prologis. "This joint venture with GIC builds on that momentum by pairing our platform and development expertise with a partner that shares our long-term perspective."

The venture combines Prologis' development and operating platform with long-term institutional capital and will operate within Prologis Strategic Capital, the company's asset management business. It is designed to scale with demand as customer commitments are secured.

"With strong e-commerce growth, the re-shoring of supply chains and resilient consumer spending, industrial remains a strong long-term investment theme in North America," said Goh Chin Kiong, chief investment officer of Real Estate, GIC. "Our partnership with Prologis, a best-in-class operator, reflects our shared conviction in the sector and likeminded approach to deploying capital with discipline across cycles."

Build-to-suit has proven resilient as customers prioritize certainty around location, functionality and long-term occupancy. Facilities are increasingly designed to support automation, high throughput and proximity to end markets, which makes purpose-built development a practical solution for supply chains that keep evolving.

For institutional investors, build-to-suit also offers a distinct risk profile. These projects are typically pre-leased and built for long-term use, often supported by customers that view the facility as mission-critical to their network.

The joint venture reinforces Prologis Strategic Capital as a growth platform, enabling Prologis to invest alongside institutional partners while bringing its development, operating and customer capabilities to each partnership.