Singapore’s GIC Teams With Prologis on $1.6B US Logistics Venture

GIC has partnered with Prologis to form a $1.6 billion joint venture focused on build-to-suit logistics developments across the US, as the Singapore sovereign giant continues to target customised warehouse assets.

The venture will deploy $1.6 billion in combined commitments and is seeded with an initial portfolio of 4.1 million square feet (380,902 square metres), with additional capacity for future development, the companies said Thursday in a release.

GIC is investing alongside the NYSE-listed logistics titan to develop and own facilities tailored to specific tenant requirements in major distribution markets, expanding the $936 billion fund’s exposure to development-led returns in the industrial sector after a similar tie-up with Realty Income Corporation earlier this year.

“With strong e-commerce growth, the reshoring 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 at GIC. “Our partnership with Prologis, a best-in-class operator, reflects our shared conviction in the sector and like-minded approach to deploying capital with discipline across cycles.”

Old Partners

The venture revives a relationship dating back to 2008, when GIC acquired Prologis’s Japan and China operations for $1.3 billion to help spawn GLP, the platform that grew into one of Asia’s top warehouse owners.

Prologis is the world’s biggest logistics real estate company, with 1.3 billion square feet of properties in 20 countries and $230 billion in assets under management. The new JV combines the San Francisco-based builder’s development and operating platform with institutional capital and will operate within Prologis Strategic Capital, the company’s asset management business.

Build-to-suit has become a larger share of the Prologis pipeline as customers make long-term commitments to distribution networks and operations, according to the company, which reported $3.1 billion in development starts in 2025, with build-to-suit accounting for more than 60 percent of those starts.

“Build-to-suit activity continues to be one of the clearest signals of customer conviction across our business,” said Prologis CEO Dan Letter. “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.”

Custom Sheds

The announcement comes two months after GIC and NYSE-listed Realty Income launched a $1.5 billion North American joint venture with a focus on build-to-suit US projects pre-leased to tenants with investment-grade credit profiles under long-term net leases.

GIC is also acting as a cornerstone investor in Realty Income’s US Core Plus fund, an open-ended vehicle seeded with $1.4 billion in assets, including 183 industrial and retail properties across 33 states.

The deal includes a commitment for a dollar-denominated portfolio of logistics properties in Mexico built by GIC’s development partner, Hines. GIC and Realty Income will jointly finance the construction of the properties, with the US company agreeing to purchase the assets upon completion for a combined $200 million.

GIC’s latest overseas push follows last August’s news that the state-backed investor’s European logistics platform had acquired a nine-asset portfolio in Spain.

Prague-based P3 acquired the set of eight warehouses and an EV parking platform with a gross leasable area of ​​122,000 square metres (1.3 million square feet) from Scottish asset manager Aberdeen for €146 million ($170.4 million), radio network SER reported. GIC has wholly owned P3 since acquiring the company in 2016 for $2.7 billion.