ProLogis Acquires Developer for $581M

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DENVER-ProLogis Trust has acquired a competitor in Europe for $581 million (298 million pounds). The locally based developer of distribution facilities says it has acquired the industrial business of Parkridge Holdings, as well as a 25% interest in its non-industrial real estate operations, for a mix of cash and common stock.

The transaction gives ProLogis ownership of several assets across Europe, including an 800-acre industrial land bank in the United Kingdom capable of supporting 15 million sf of new development; Astral, Parkridge’s UK logistics development business, which has under construction 10 projects totaling 5.2 million sf; recently launched operations in Western Europe; and a 50% interest in a Central European logistics development JV with 5.2 million sf built and 4.5 million sf under construction.