Prologis Inc. has completed the sale of a high-quality portfolio of buildings and land in Europe and the United States to a major Asian property company for $1.1 billion.
“This transaction effectively completes our efforts to align our portfolio with our long-term investment strategy,” said Michael S. Curless, chief investment officer, Prologis. “Our portfolio realignment program began in 2011 and, upon completion in the fourth quarter of this year, will total approximately $14 billion of building sales on an owned and managed basis.”
The portfolio comprises 16.5 million square feet of buildings as well as 144 acres of land, including:
46 buildings totaling 9.9 million square feet principally in Poland, France and Hungary
40 buildings totaling 6.6 million square feet primarily in Seattle, Dallas and Chicago
The transaction included $934 million of assets from Prologis’ co-investment ventures and $195 million in wholly owned assets. Prologis’ share of the proceeds totaled approximately $610 million. The transaction was included in the company’s 2018 guidance.
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of June 30, 2018, and inclusive of the DCT acquisition on August 22, 2018, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 756 million square feet (75 million square meters) in 19 countries.