SAN FRANCISCO-The time is at hand. As projected when Prologis and AMB merged in January of 2011, Walter C. Rakowich, who has led the firm in one form or another since 2008, will retire on Monday. His co-CEO, Hamid R. Moghadam, will take over as CEO and chairman.
This milestone caps a month of forward-looking news at the industrial REIT. As GlobeSt.com reported a few days ago, Prologis has partnered with Norges Bank Investment Management to form a joint venture, the aim of which is to acquire a portfolio of high-quality distribution facilities wholly owned by Prologis in 11 target European global markets.
Prologis European Logistics Partners will be structured as a 50/50 joint venture with an equity commitment of approximately $3 billion. This includes a $1.5 billion co-investment from NBIM, which manages the Norwegian Government Pension Fund Global, and Prologis.
In addition, the REIT approved the sponsorship of a Japanese real estate investment trust to serve as a long-term investment vehicle for modern logistics facilities developed by Prologis in Japan.
The J-REIT would be managed by a wholly owned subsidiary of Prologis, which would provide various pipeline and operational support to the J-REIT, including providing exclusive and/or preferential negotiation rights for additional properties developed by Prologis in Japan, according to the statement.
On this latest news, focused on the C-Suite, the retiring Rakowich commented that, “Prologis is an organization filled with a talented team of professionals committed to providing excellence to our global customers and investors each and every day. I am especially proud of how seamlessly the company has come together over the past two years. Very few organizations have a solid growth story, a recognized brand, proven customers and the capital to execute their plans. I will be watching closely from the sidelines as ProLogis continues to grow and I have full confidence that Hamid will take the company to the next level.”
Rakowich served as CEO from November 2008 until the merger with AMB in 2011, at which time he assumed the role of co-CEO. He also served as president and chief operating officer from 2005 to 2008, and from 1998 to 2005 was a managing director and chief financial officer. He joined the firm in 1994.