PLD Prologis

   By Stephen Nakrosis 
 

Real estate companies Prologis, Inc. (PLD) and Ivanhoe Cambridge on Friday announced the formation of a joint venture to develop and operate logistics real estate in Brazil.

The $880 million JV acquired an initial portfolio of assets of about 6.9 million square feet of operating properties and 371 acres of land from Prologis.

The JV plans to operate in Rio de Janiero and Sao Paulo, the companies said.

Ivanhoe Cambridge develops and invests in real estate properties, projects and companies around the world.

Prologis is a logistics real estate firm focusing on high-barrier, high-growth markets.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

January 18, 2019 16:52 ET (21:52 GMT)

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