YORKSHIRE, ENGLAND-San Francisco-based Prologis Inc. has sold 13 industrial properties here and throughout the Midlands region of England to New York City-based Blackstone. The sale price was $335 million.
According to a Prologis statement, the properties are 100% leased with average terms of nine years. The firm did not return a request for comment on the locations of the sites or the tenants of the 3.5 million square feet. The company has about 21 million square feet in properties in the United Kingdom.
Philip Dunne, president of Prologis Europe, said in the statement that the portfolio was sold because it no longer fit within the company’s investment strategy. The firm will redeploy capital, he said.
Peter Cassells, CEO of Prologis European Properties, the European fund which owned ten of the 13 properties, said some of the return will be used to deleverage. “We are pleased to have owned the bulk of these assets since our formative years,” he said in a statement. “During that time, we have successfully created value through refurbishment and subsequent leasing activity.”
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