SAO PAULO, BRAZIL-Prologis Inc., based in San Francisco, has sold 90% of its share of its CCP Cajamar Industrial Park. The sale price to Previ, a pension fund for the employees of the Bank of Brazil, was undisclosed.
Prologis had partnered with locally-based Cyrela Commercial Properties in developing the park. When fully built out, the park, located near the Rodoanel (Ring Road) and the Anhanguera Highway, is supposed to include seven facilities totaling about two million square feet.
Three warehouses are complete on the site, and the rest of the project should be finished by the first quarter 2013, according to a CCP statement. Tenants include Schneider Electric and Penske Logistics. Prologis announced in September that it had leased 309,400 square feet with a local retailer, but did not name the tenant. The CCP-Prologis partnership includes more space here and in Rio de Janeiro, with an estimated build-out potential of 5.9 million square feet.
Nick Kittredge, SVP and general manager of Brazil Prologis, said in a statement that this is the first portfolio sale of a class A distribution product to a major Brazilian pension fund. “This transaction aligns well with our joint-venture strategy to develop modern, class A logistics facilities and recycle capital for future developments,” he said.
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