Included are more than 2,000 new-build homes operated by Kairos Living and about 1,000 homes in contract.

The proposal values Duke at $61.68 a share, a 29 percent premium to its closing price on May 9, according to a letter from Prologis CEO Hamid Moghadam.

With $10.8 billion in Canadian real estate assets, Blackstone is moving aggressively to become a bigger player in all property sectors.

Capital costs are rising, but fundamentals remain strong and real estate is also benefiting as a hedge against inflation.

Data this week are likely to show that U.S. consumer prices rose 8% from a year earlier in April.