San Francisco-based Prologis Inc., a global leader in logistics real estate, recently revealed that it has completed its acquisition of Cyrela Commercial Properties’ interest in its Brazil portfolio.
Prologis now owns 100% of Prologis CCP.
According to a prepared statement, Prologic CCP was a joint venture between Prologis and Cyrela Commercial Properties.
Now that the transaction has closed, Prologis Brazil owns and operates approximately 9.2 million square feet of logistics facilities and land that can support 12 million square feet of new logistics facilities in Brazil’s primary markets of Sao Paulo and Rio De Janeiro.
Further financial information wasn’t available as of press time, but we will update this story as we learn more details about the deal.
As The REIT Wire recently revealed, Prologis Inc. recently reported its results for Q2, where Hamid Moghadam, chairman and CEO of the San Francisco-based REIT said that results “were excellent” and reflect record rent increases and higher earnings from its strategic capital business. “Market conditions continue to be healthy,” he said.
On the margin, he explains that the company is “now even more positive as we see increased activity from our customers and a greater willingness to compete and pay for quality locations. Market rent growth surprised us to the upside, and the mark-to-market of our portfolio increased to 13% globally, which positions us for strong operating performance for the next several years.”