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Industrial Property Trust schedules shareholder meeting to vote on Prologis deal

Industrial Property Trust Inc. will hold its annual stockholder meeting Dec. 11 to vote on the company's planned sale of substantially all of its assets to affiliates of industrial real estate investment trust Prologis Inc., among other things.

The companies amended the terms of their proposed merger in August, as Industrial Property opted to engage in an asset sale rather than a merger with a Prologis unit.

At the meeting, Industrial Property will also seek shareholder approval for the proposed conversion of the company's legal form of organization to a Maryland REIT from a Maryland corporation and its subsequent liquidation and dissolution.

The company's board unanimously approved the proposed asset sale and the REIT conversion and recommended that the stockholders vote for the transactions, according to a filing.