Logistics-focused global real estate investor Prologis will acquire its partner’s stake in its Brazil portfolio for US$362m. Upon close of the transaction, Prologis will own 100% of Prologis CCP and rename the business to Prologis Brazil. Prologis CCP is a joint venture between Prologis and Cyrela Commercial Properties.

(Press Release) SAN FRANCISCO, July 4, 2017 /PRNewswire/ — Prologis, Inc. (NYSE: PLD) today announced that it has entered into an agreement to acquire its partner’s interest in its Brazil portfolio for R$1.2 billion (US$362 million). Upon close of the transaction, Prologis will own 100% of Prologis CCP and rename the business to Prologis Brazil.

The transaction is subject to customary closing conditions, including applicable regulatory approvals, and is expected to close in the second half of 2017.

Prologis CCP is a joint venture between Prologis and Cyrela Commercial Properties. Prologis CCP is one of the leading providers of industrial real estate in Brazil’s primary markets and currently owns and operates approximately 8.8 million square feet (0.82 million square meters).