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Black Creek Industrial REIT IV Buys Industrial Portfolio from Prologis for $920 Million

Black Creek Industrial REIT IV, a publicly registered non-traded real estate investment trust now managed by Ares Management Corporation (NYSE: ARES), has purchased 48 industrial properties totaling 8.3 million square feet from affiliates of Prologis Inc.

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Black Creek Industrial REIT IV, a publicly registered non-traded real estate investment trust now managed by Ares Management Corporation (NYSE: ARES), has purchased 48 industrial properties totaling 8.3 million square feet from affiliates of Prologis Inc. (NYSE: PLD) for approximately $920 million.

The transaction includes Class A and Class B industrial assets located in 13 U.S. markets that are currently 96.4 percent occupied.

“The addition of these properties not only further diversifies our holdings, but they are located in markets that are essential in linking national and regional supply chains, which is critical as we continue to see e-commerce demand increase,” said Raj Dhanda, partner and global chief operating officer of the Ares Real Estate Group.

On July 1, a subsidiary of Ares, a global alternative investment manager with approximately $239 billion of assets under management, assumed the management of the REIT as part of an agreement to acquire Black Creek Group’s U.S. real estate investment advisory and distribution business.

Black Creek Industrial REIT IV’s initial public offering was declared effective by the SEC in July 2017, and as of May 31, 2021, had raised gross proceeds of approximately $1.4 billion from the sale of approximately 133.5 million shares in the offering, including distribution reinvestment plan of approximately $49 million.

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