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57-641: AMB, the earliest predecessor of Prologis, was formed in 1984. In its present form, Prologis was created in 2011 through the merger of AMB and ProLogis, both multinational real estate companies based in the United States. In 1983, Hamid Moghadam and Doug Abbey used a $ 50,000 line of credit to found Abbey, Moghadam and Company, an investment manager serving institutions. They were joined by T. Robert Burke in 1984 and established AMB Property Corporation, which invested in office, industrial and community shopping centers on behalf of large institutional investors . During

114-493: A 23% increase over 2020, with $ 2.7 trillion of goods either produced or sold worldwide passing through Prologis facilities, representing 2.8% of the global GDP with an economic impact of $ 300 billion. Prologis began releasing a series of special reports on the industrial impact of the COVID-19 pandemic in early 2020, noting that an increase in e-commerce would likely result in companies increasing their inventories, in turn increasing

171-649: A board member of the International Forum of Sovereign Wealth Funds , the successor of the International Working Group of SWFs that developed the Santiago Principles in October 2008, GIC publishes how it adopts and implements the voluntary set of principles and practices. GIC implemented a new investment framework in 2013 to give it more flexibility to focus on "investments that may be riskier in

228-586: A cost-cutting effort involving raising capital and selling assets. In December 2008, ProLogis sold a portfolio of assets to the Government of Singapore Investment Corporation , which subsequently transformed the assets into Global Logistic Properties . It sold its China operations and some of its Japanese interests to GIC Private Limited for $ 1.3 billion in 2009. In August 2009, ProLogis secured financing from Deutsche Pfandbriefbank and an unidentified German bank for two of its funds. The Blackstone Group bought

285-649: A global logistics real estate investment trust (REIT) and S&P 100 company. Born on August 26, 1956, in Iran , he grew up in Tehran , where his father was a businessman. In 1969 he attended Aiglon College in Switzerland . In 1973, he entered the Massachusetts Institute of Technology , where he received Bachelor and Master of Science degrees in engineering . In 1980 Moghadam received an MBA from

342-504: A market capitalization of nearly $ 5 billion. In November 1998, Prologis Trust acquired Meridian Industrial Trust for $ 862.5 million in stock. At the time, Prologis was the "largest owner of industrial and warehouse properties in the United States." ProLogis formed its first property funds in 1999 and entered the Japanese market in 2001. In 2003, ProLogis was added to the S&;P 500 Index and entered

399-477: A portfolio of assets from the company in late 2010 for $ 1 billion. In January 2011, the company sold a portfolio of Catellus retail and mixed-use assets to affiliates of TPG Capital for $ 505 million, including rights to the Catellus name. In March 2011, before the merger with ProLogis, AMB Property formed a €470 million joint venture with Allianz Real Estate. In January 2011, AMB Property Corporation agreed to buy

456-421: A series of moves that pared the company of most of its retail holdings, following the notion that e-commerce would become the high-margin road of the future." Selling its retail business around 1999 to focus solely on the industrial sector, starting that year AMB sold nearly $ 1 billion in retail assets to institutional investors and reallocated funds into warehouses in and around major consumption areas. By

513-458: A series of special reports on the industrial impact of the COVID-19 pandemic in early 2020. In September 2017, in partnership with Oxford Economic Papers , the company determined that $ 1.3 trillion-worth of goods were transferred through its buildings annually and that the company and its customers had a total annual economic impact of $ 200 billion. The study was updated in December 2022, reporting

570-808: A three-floor warehouse in Seattle , Washington , in November 2016, which was the first multi-story warehouse in the country. The following month, Prologis also outlined plans to build a three-story warehouse in San Francisco. In December 2016, Prologis received two 2016 Eurobuild CEE Awards. In August 2018, the company acquired DCT Industrial Trust for $ 8.5 billion. It acquired Liberty Property Trust for $ 13 billion in January 2020 and, in February Industrial Property Trust for $ 4 billion. In April 2021,

627-614: Is Total's gas transportation and storage business for an enterprise value of €2.4 billion (US$ 3.25 billion). The consortium includes Snam (45%) an Italian gas storage and transport operator, Singapore's GIC (35%) and EDF (20%). As of 2017, GIC holds around 34% of its portfolio in the US; 3% in Latin America; 6% in the rest of Americas; 6% in the United Kingdom; 12% in the Eurozone ; 6% in

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684-459: Is owned, managed or under development in 19 countries, with about $ 196 billion in assets under management. Moghadam frequently appears on major television networks to talk about the real estate industry, including CNBC , Bloomberg TV , and Fox Business Network , as a real estate industry expert. In 2023, Moghadam's total compensation from Prologis was $ 50.9 million, representing a CEO-to-median worker pay ratio of 400-to-1 for that year. In

741-809: The National Association of Real Estate Investment Trusts (NAREIT). He received a Lifetime of Building Award from the Commercial Real Estate Development Association (NAIOP) in 2007, and also that year he received the Wisconsin Alumni Center's Vision Setter Award. Moghadam received the EY National Entrepreneur of the Year Overall Award in 2013, as well as the Ellis Island Medal of Honor from

798-515: The Netherlands in the summer of 1997 and then expanded into Paris , Stockholm , Brussels , Warsaw , London , Berlin , Milan , and Madrid . SCI purchased 33% of Insight Inc. in October 1997 to help solve supply-chain problems for clients. SCI also expanded into the refrigerated distribution business in 1997, purchasing Christian Salvesen and renaming it CS Integrated LLC. SCI acquired Texas Cold Storage and Continental Freezer in 1997 and secured

855-767: The San Francisco Bay Area . He served on the boards of Town School for Boys, the California Academy of Sciences , and the Bay Area Discovery Museum , and he was chairman of the Young Presidents Organization's Northern California chapter. Previously a trustee of Stanford University , Moghadam is currently a board member of the Stanford Management Company , and was its former chairman. He and his wife established

912-679: The Sovereign Wealth Fund Institute , the GIC was one of the most active sovereign wealth fund investors for the year. In 2006, at the height of the US real estate bubble, it made a US$ 200 million investment in the equity of Stuyvesant Town–Peter Cooper Village , the largest apartment complex in Manhattan (as well as US$ 575 million in secondary loans). The management of the complex, Tishman Speyer Properties and BlackRock Realty, defaulted on their loan in 2010, effectively wiping out

969-853: The Stanford Graduate School of Business in California . After business school, Moghadam started his career at Homestake Mining Company. He later joined John McMahan Associates. In 1983, he and Douglas Abbey founded Abbey, Moghadam & Company in San Francisco , California . Although they planned to provide investment advisory services, according to Forbes, they soon became known for instead "helping investors revive underperforming assets." They were joined by T. Robert Burke in 1984 and established AMB Institutional Realty Advisors, later named AMB Property Corp., with initial investments in office, industrial and community shopping centers . In

1026-428: The savings and loan crisis , the company avoided significant financial repercussions by investing in industrial parks and shopping centers, and began to exit the office market in 1987. AMB launched its first private equity fund in 1989, which focused on industrial and retail properties. In late 1997, AMB became a public company via an initial public offering , with more than US$ 2.8 billion under management. In 1999,

1083-850: The 10 buildings in Memphis, Tennessee in June 2012. In November 2012, the company sold a 1.98 million square portfolio in Minneapolis–Saint Paul for $ 96.6 million. On February 14, 2013, Nippon Prologis REIT, Inc. (NPR), a Japanese real estate investment trust formed by Prologis, completed an IPO on the Tokyo Stock Exchange . In March 2013, Prologis formed the Prologis European Logistics Partners Sarl joint venture with Norges Bank Investment Management for US$ 3.1 billion. In August 2013, in partnership with The Blackstone Group

1140-719: The 1990s, he joined the MIT Center for Real Estate's advisory committee, and became a founding member of The Real Estate Roundtable as vice chairman of the National Realty Committee. He is a member of the national Business Roundtable , and served as a trustee of the Urban Land Institute , joining the executive committee of its board of directors. He was also the chairman of National Association of Real Estate Investment Trusts (NAREIT) in 2004. Moghadam has served on various philanthropic and community boards in

1197-485: The 2005 Top 25 Industrial Owners survey. The company acquired Catellus Development in 2005 for $ 3.6 billion. In 2006, ProLogis became a Fortune 1000 company and the ProLogis European Properties Fund became a public company . Amid problems with debt following aggressive expansion and heavy borrowing, ProLogis' CEO Jeffrey Schwartz was replaced by Walter Rakowich in 2008. Rakowich afterward implemented

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1254-419: The 5-year and 10-year nominal rates of return to provide a sense of the ongoing medium-term investment performance, even while GIC maintains its sights on the long term. It included two composite portfolios and volatility statistics to reflect the level of portfolio risk and to offer perspective in reading the 5-year and 10-year figures. For the year ended 31 March 2017, its annualised 20-year real rate of return

1311-570: The Chinese market, and in 2004 the company acquired Keystone Industrial Trust for $ 1.6 billion. In the same year, ProLogis formed its first joint venture in China with Suzhou Logistics Center Co. Ltd. With headquarters in Aurora, Colorado , at the time, in 2005 ProLogis completed a merger with Catellus Development Corporation , a North American industrial development company, for $ 4.9 billion. ProLogis ranked first in

1368-836: The Middle East, Africa and the rest of Europe; 19% in Asia excluding Japan; 12% in Japan and 2% in Australasia. In 2017 it was reported that GIC would purchase a 10% stake in British specialist bank OakNorth for £90 million. In 2021 they took part in a investment round in Dapper Labs. In December 2023, GIC acquired Cinven 's shares in Miller and became the majority shareholder of UK specialist insurance and reinsurance broker Miller. In 2008, GIC published for

1425-695: The Moghadam Family Professorship in the Stanford Graduate School of Business , where he serves on the advisory council, after endowing the Stanford Hamid and Christina Moghadam Program in Iranian Studies in 2006, which focuses on undergraduate courses related to Iran. Moghadam was named EY 's 1998 Real Estate Award Winner for the Northern California Region. In 2005, Moghadam was presented with an Industry Leadership Award from

1482-592: The National Ethnic Coalition of Organizations Foundations, Inc. (NECO). Harvard Business Review named him one of the 100 Best-Performing CEOs in the World three times, and a number of industry publications have named him their CEO of the Year. Moghadam and his wife Christina have a son together. In American politics, as of 2016 , Moghadam had endorsed both Republicans and Democrats . In July 2022, Moghdam

1539-577: The Policy Portfolio is made up of six core asset classes and aims to achieve superior returns over the long horizon and is the main driver of long-term returns. Last is the Active Portfolio, which seeks to outperform the Policy Portfolio, is of skill-based strategies, adopted by GIC's management within risk limits. The skill-based strategies includes choosing investment opportunities within each asset class and investing in asset classes not contained in

1596-660: The President and Parliament on his or her audit of the Government and other entities managing public funds. GIC manages risk by investing in a well-diversified portfolio, with a balanced distribution of asset classes and their underlying business sectors and geographies. This is also why GIC's performance has to be measured on the basis of its overall portfolio rather than by how much it makes or loses on individual investments. Its approach to "risk management" has three distinct components: portfolio risk; process risk; and people risk. As

1653-409: The U.S. since the onset of the COVID-19 pandemic . The following June, it acquired a further 14 million square feet of industrial property from The Blackstone Group for $ 3.1 billion. Since 2016, the company has published white papers and its own market research , including the quarterly Industrial Business Indicator and the annual Prologis Logistics Rent Index . The company also began releasing

1710-646: The United States through the Prologis U.S. Logistics Venture. That October, Prologis acquired Morris Realty Associates' portfolio of logistics and retail properties in the United States for $ 820 million. Prologis sold the retail asset portion of this portfolio to an affiliate of The Blackstone Group for $ 374 million. Prologis formed its venture capital arm in March 2016 and had made 20 investments by late 2019. By late 2016, Prologis had built large multistory warehouses in Japan, Singapore and China. The company began construction on

1767-629: The United States, where it had customers such as Amazon.com and Nippon Express . In 2014, the company completed the corporate spin-off of FIBRA Prologis, its Mexican affiliate (also known as Prologis Property Mexico SA), raising about 7 billion pesos ($ 541 million). Prologis sold a 59-property portfolio to TPG for $ 375 million. At the end of 2014, Prologis owned 2,853 properties, with the bulk in North America and around 600 in Europe and Asia. Prologis had reduced its number of managed funds from 23 to 11 by

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1824-483: The combination between AMB and ProLogis to create Prologis , the largest logistics real estate company in the world. With a market cap of approximately $ 24 billion and corporate headquarters remaining in California, the new Prologis had around $ 46 billion in assets under management (AUM) and clients such as DHL , Home Depot Inc. , Unilever , and FedEx . ProLogis CEO Walter Rakowich and Moghadam were appointed as

1881-526: The company acquired Hilltop Mall in Richmond, California for $ 117 million. In June 2022, the company acquired the land below California's Great America in Santa Clara, California from Cedar Fair , which leased the land back with plans to close the amusement park by 2033. Prologis acquired competitor Duke Realty in October 2022, for $ 23 billion, completing the largest commercial real estate transaction in

1938-510: The company acquired a 17 million square foot portfolio for $ 960 million from Lehman Brothers . In the fourth quarter of 2013, the company sold 3 warehouses in Tempe, Arizona for $ 22 million, and acquired a 1.8 million square foot portfolio in Nashville, Tennessee . In November 2013, Prologis announced plans to spend "as much as $ 600 million a year to develop warehouses in Japan," its biggest market after

1995-462: The company sold its retail business to focus solely on the industrial sector. The company made its first overseas investment in 2002, developing a facility for Procter & Gamble . That year, AMB initiated an international expansion program focused on buying and developing distribution facilities near global trade hubs, particularly in growth markets such as Brazil , Mexico , and China . AMB added an internal development division in 2004. By 2011, AMB

2052-625: The country's annual budget in areas such as education, R&D , healthcare, and infrastructure. As a Fifth Schedule company under the Singapore Constitution, GIC is accountable in various key areas to the President of Singapore who is empowered under the Constitution to obtain information to enable him or her to safeguard the country's reserves . The Auditor-General, who is appointed by the President of Singapore, submits an annual report to

2109-428: The demand for warehousing. Hamid Moghadam Hamid Moghadam (born August 26, 1956) is an Iranian-American business executive and philanthropist. In 2011, Moghadam orchestrated the combination between AMB, a firm he co-founded in 1983, and ProLogis to create Prologis , the largest logistics real estate company in the world. Moghadam currently serves as Prologis Chairman and CEO, with Prologis operating as

2166-750: The end of 1999, AMB was the second-largest industrially focused REIT in the United States, with a total market capitalization of $ 3.5 billion. President and CEO of AMB Property Corporation, he became AMB chairman in 2000. AMB made its first overseas investment in 2002, developing a facility for Procter & Gamble in Mexico City . In 2002, AMB initiated an international expansion program focused on buying and developing distribution facilities near global trade hubs, particularly in growth markets such as Latin America , Asia , and Europe. AMB added an internal development division in 2004. In 2011 Moghadam arranged

2223-540: The first time a report containing information on its 20-year returns and more information on how it is managed and governed, and how it invests Singapore's foreign reserves. GIC does not disclose the amount of funds it manages and its annual profit and loss. Revealing the exact amount would expose the full size of Singapore's financial reserves and make it easier for speculators to attack the Singapore dollar during periods of vulnerability. Since 2011, GIC had also published

2280-524: The fund's assets at US$ 770 billion as of September 2023 while Forbes estimated the fund's assets at US$ 744 billion after legislation were passed to transfer about US$ 137 billion from the Monetary Authority of Singapore (MAS), the country's central bank and monetary authority. Besides GIC, Singapore also owns another sovereign wealth fund, Temasek Holdings , with managed assets at about US$ 630 billion of assets under management , along with

2337-480: The future of the nation and the welfare of its people. He was advised by the British merchant bank, N M Rothschild & Sons , and established the GIC. The government then embarked on a change in investment policy, by investing the bulk of its foreign reserves in longer-term, high-yielding assets rather than in liquid but low-yielding assets. An undisclosed number of those who left the MAS in 1981 went to work for GIC. In

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2394-460: The international purchasing power of the reserves, with the aim to achieve good long-term returns above global inflation over the investment time horizon of 20 years. With a network of 10 offices in key financial capitals worldwide, GIC invests internationally in developed market equities, emerging market equities, nominal bonds and cash, inflation-linked bonds, private equity and real estate. The Sovereign Wealth Fund Institute (SWFI) had estimated

2451-510: The investment. In late 2007, during the first phase of the crisis, GIC invested $ 11 billion Swiss francs for a 7.9% stake in the Swiss bank UBS . The loans were converted into equity in 2010, with an estimated 70% loss of value, though partially offset by a 9% fixed coupon. GIC had acknowledged that the timing for the investment could have been better. It also stated that other investments made at that time have had positive returns which offset

2508-520: The larger ProLogis for $ 8.7 billion, with the new entity named Prologis. The companies announced that the new Prologis would be based in San Francisco , AMB's hometown, but would maintain an office in Denver, Colorado , where ProLogis was based. Completed in June 2011, the merger was one of the biggest real-estate deals since the Great Recession , and it created the largest industrial real estate company in

2565-652: The late 1980s, AMB changed its investment strategy to focus on industrial parks and shopping centers in infill trade areas, with the company beginning to exit the office market in 1987. During the collapse of the office building market in the late 1980s, this shift in assets helped the company avoid significant financial repercussions. AMB launched its first private equity fund in 1989, which focused on industrial and retail properties. AMB consolidated several of its investment funds in 1997 and went public as an REIT . In late 1997, AMB closed its IPO with more than US $ 2.8 billion in assets. Throughout 1999, Moghadam "made

2622-463: The late 1990s, four of its most senior positions were held by former MAS officers. GIC has the ability to invest across a full spectrum of financial assets, from sovereign debt to infrastructure, and manages approximately 80 per cent of its portfolio in-house. Traditionally, GIC keeps a high profile in its investments. During the subprime mortgage crisis of 2007–2010, however, a number of its investments attracted controversy. In 2013, according to

2679-520: The losses on UBS . GIC's total portfolio has fully recovered to its value prior to the global financial crisis. In 2008, GIC invested US$ 6.88 billion for a 9% stake in Citigroup . In 2009, it pared its stake to less than 5%, realising a $ 1.6 billion profit, with another $ 1.6 billion paper profit on its remaining holding. On 30 July 2013, Singapore's GIC was part of a consortium to acquire Transport et Infrastructures Gaz France (TIGF) which

2736-403: The national pension plan Central Provident Fund (CPF) with assets of US$ 397 billion, giving an estimated assets under management (AUM) of US$ 1.77 trillion. The MAS also holds a further US$ 478 billion. In 1981, Goh Keng Swee , then first Deputy Prime Minister and Chairman of the MAS, saw the trend of Singapore's rapidly growing foreign reserves and decided to invest Singapore's reserves for

2793-781: The new company's co-CEOs, with Moghadam becoming the sole CEO at the start of 2013. He oversaw IPOs in Japan in 2013 and Mexico in 2014. Prologis continues to operate as a publicly traded real estate investment trust (REIT) on the S&P 100 , operating logistics and distribution facilities for customers in various industries in the Americas, Europe, and Asia. In 2018 he oversaw its acquisition of DCT Industrial Trust for $ 8.4 billion, and in 2020, acquisitions of Liberty Property Trust for $ 13 billion and Industrial Property Trust for $ 4 billion, then Duke Realty in 2022 for $ 23 billion. The company's platform totals 1.2 billion square feet that

2850-587: The new company's co-chiefs, with Moghadam becoming the sole CEO in 2013. In August 2011, the company sold a 378,298-square-foot industrial property in Grove City, Ohio for $ 12.4 million. The company also acquired a warehouse in Tolleson, Arizona for $ 9.95 million. In February 2012, the company sold a 3.5 million square foot portfolio in the United Kingdom to The Blackstone Group for $ 335 million. The company sold

2907-506: The primary contract to distribute food for Kroger Co. in Illinois . For refrigeration abroad, SCI purchased Frigoscandia AB , then Europe's largest distributor of refrigerated goods. SCI later exited the cold-storage business. Prologis, Inc. was incorporated on November 24, 1997. SCI officially changed its name to ProLogis in July 1998. SCI was active in 84 markets in 12 countries by July 1998, with

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2964-469: The short term but would generate returns in the long-term." The new framework defines more clearly GIC's risk and return drivers, its long-term investment objectives and the responsibilities of the GIC board and management. Firstly, a 'Reference Portfolio is 65% made up of global equities and 35% of global bonds representing global markets. It characterises the risk that the Government is prepared for GIC to take in its long-term investment strategies. Next,

3021-589: The spring of 2015, and was managing "$ 29 billion in real-estate assets through joint ventures and a series of funds backed by institutional investors." That quarter, the company sold a Silicon Valley industrial park to Facebook, Inc. With corporate headquarters remaining in San Francisco, that April, Prologis announced a plan to move offices from east Denver, Colorado, to a new building in downtown Denver in 2017. In June 2015, Prologis partnered with Norges Bank Investment Management to buy KTR Capital Partners for $ 5.9 billion, expanding Prologis' real estate portfolio in

3078-405: The world. With a total market value estimated at $ 24 billion, the new Prologis had around $ 46 billion in assets under management and logistics and distribution facilities in North America, Europe, Asia and South America. Clients of the new company included DHL , Kuehne + Nagel , Home Depot Inc. , Unilever , and FedEx . AMB CEO Hamid R. Moghadam and ProLogis CEO Walter Rakowich were appointed as

3135-438: Was 3.7%. In USD nominal terms, GIC achieved an annualised return of 5.1%, 4.3% and 5.7% for the 5-year, 10-year and 20-year time periods respectively. In August 2021, their estimates also put the total figure of AUM at US$ 744 billion – or just over S$ 1 trillion, for the first time in GIC’s history after a 37.5 per cents in return. The funds managed by GIC are owned by the Singapore Government . Its investment returns supplement

3192-470: Was focusing on expanding its operations in China and Brazil. Security Capital Industrial Trust (SCI), a legacy company of Prologis, was formed in 1991. Under the leadership of Dane Brooksher , SCI became a public company via an initial public offering on the New York Stock Exchange in 1994. The company first expanded outside the United States in 1996 with acquisitions in Mexico and in 1997 it acquired properties in both Mexico and Europe . SCI invested in

3249-425: Was robbed at gunpoint outside his home in San Francisco . Government of Singapore Investment Corporation GIC Private Limited is a Singaporean sovereign wealth fund that manages the country's foreign reserves . Established by the Government of Singapore in 1981 as the Government of Singapore Investment Corporation , from which the acronym "GIC" is derived, its mission is to preserve and enhance

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