Prologis, Inc. and GIC have formed a $1.6 billion joint venture to develop and own build-to-suit logistics facilities in major U.S. markets, anchored by an initial portfolio of approximately 4.1 million square feet and additional capacity for future investments.  

The partnership pairs Prologis’ development and operating platform with long-term institutional capital from the Singapore-based investor and will sit within Prologis Strategic Capital, the company’s asset management business. 

“Build-to-suit activity continues to be one of the clearest signals of customer conviction across our business,” said Daniel S. Letter, CEO of Prologis. The model has become a larger share of the company’s pipeline as customers commit to long-term distribution and operations footprints. In 2025, Prologis started $3.1 billion of development projects, with build-to-suit representing more than 60% of those starts. 

GIC is leaning into the same secular trends. “With strong e-commerce growth, the re-shoring of supply chains and resilient consumer spending, industrial remains a strong long-term investment theme in North America,” said Goh Chin Kiong, CIO of Real Estate at GIC. 

Strategic Capital currently manages $102 billion in assets, including $67 billion of third-party capital, while Prologis overall oversees $230 billion of assets under management. The new venture is expected to focus on mission-critical, modern logistics facilities tailored to individual customer requirements.