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Prologis, Inc. (PLD) - $25 value - yours FREE >>
Iron Mountain Incorporated (IRM) - $25 value - yours FREE >>
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Prologis Merges Two Funds, Boosts Relation With Allianz
Prologis, Inc. (PLD - Free Report) consolidated its Europe Logistics Venture 1 (“ELV1”) with its Prologis Targeted Europe Logistics Fund ("PTELF"). Notably, ELV1 is a joint venture with Allianz and its assets are strategically located in high-growth, high barrier European markets in Germany, France and Netherlands, while PTELF is an open-end fund with pan-European presence.
As per the deal, PTELF will acquire ELV1 for Euro 571 million and integrate its assets into the PTELF portfolio. This will fetch Prologis net cash proceeds of around Euro 183 million. This will augment the financial strength of PTELF and offer diversification benefits. Further, this is likely to strengthen Prologis’ relationship with Allianz.
Prologis is a leading industrial real estate investment trust that acquires, develops, operates and manages industrial real estate space in the Americas, Asia and Europe. Prologis currently carries a Zacks Rank #3 (Hold). Over the past 60 days period, the company’s 2016 estimates remained unchanged at $2.57 per share.
Shares of Prologis gained 39.5% in the past one year, outperforming the Zacks categorized REIT and Equity Trust - Other industry which witnessed a gain of 16.4% in the same time frame.
Some better-ranked stocks in the real estate space include FelCor Lodging Trust Incorporated , The GEO Group, Inc. (GEO - Free Report) and Iron Mountain Incorporated (IRM - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
FelCor Lodging Trust’s 2016 estimates remained unchanged at 89 cents per share, in the past 60 days.
The GEO Group’ 2016 estimates have moved up 1% to $2.94 per share, in the past 60 days.
Iron Mountain Incorporated’s 2016 estimates have remained unchanged at $1.87 per share, in the 60 days.
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