The properties represent 2.2 million sf of distribution space and are located primarily in the Midlands and Southeast markets. ProLogis put the properties up for sale in order to enhance the geographic diversity of the fund, where it owns 29% and acts as fund manager. Following the sale, the proportion of total assets held by the fund in the UK has fallen from 32% to 25%.
Jeffrey H. Schwartz, president of international operations for ProLogis says: "We concluded that the fund was overweighted in the UK. By reducing the weighting of prime, but lower yielding, long-term leased UK assets within the fund, the overall yield to investors is expected to increase by approximately 35 basis points."
Macquarie Capital Partners advised ProLogis.
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