With this article, we begin a special series recognizing CPE’s Executives of the Year. In the weeks to come, we’ll offer snapshots of the people who are changing the direction of commercial real estate.
Voted by the CPE 100, an invited group of industry leaders, the Executives of the Year represent all major property categories and business sectors. Each entry is based on the citation that appeared in the December 2015 issue and includes updated information.
Our series begins with a longtime leader in the industrial property sector who chalked up his fifth consecutive CPE award last year.
Hamid Moghadam, CEO, Prologis Inc.
Industrial Property Executive of the Year
Headquarters: San Francisco
CEO since: 2011, when AMB Property Corp. completed the acquisition of ProLogis. Moghadam co-founded AMB in 1983.
Winning streak: Five consecutive first-place awards as CPE’s Industrial Property Executive of the Year.
Prologis at a glance: As of Dec. 31, 2015, the REIT’s portfolio of wholly and partly owned properties and development projects totaled 669 million square feet leased to 5,200-plus customers in 20 countries. Occupancy reached 97 percent, a company record, on the strength of 166 million square feet of leasing.
Deep pockets: Prologis and Norges Bank Investment Management completed a $5.9 billion deal for the assets and operating platform of KTR Capital Partners.
The joint venture, which is 55 percent owned by Prologis, obtained a 60 million-square-foot, 322-property portfolio; 3.6 million square feet of in-progress development and a land bank with 6.7 million square feet of development potential.
Dealmaker: Last year, Prologis completed $4.1 billion of acquisitions and $2.5 billion of dispositions and contributions.
East Asian allies: On Feb. 1, Prologis announced an $882 million infusion to Prologis China Logistics Venture, which has committed more than $2.6 billion to build, acquire and manage logistics properties in China. The investment includes $132 million from Prologis and $750 million from HIP China Logistics Investments Ltd., an affiliate of Abu Dhabi Investment Authority. Since launching the fund in 2011, HIP has contributed 85 percent and Prologis 15 percent of the equity.
Market moves: In mid-October, the REIT wrapped up an $820 million deal for a 3.2 million-square-foot portfolio in northern New Jersey, along with a 2.2 million-square-foot retail portfolio.