SAN FRANCISCO-Prologis Inc. completed approximately $360 million in third-party land and building dispositions in the US and Mexico during first-quarter 2012, of which approximately $250 million was the company’s share. Dispositions included:

• approximately $135 million of buildings from the Prologis North American Fund XI, of which $25 million was the company’s share; this fund has one remaining property; and
• approximately $225 million of land and buildings from the company’s balance sheet in 11 separate transactions.

In addition, consistent with the company’s stated goal of streamlining its private-capital business, Prologis continued the rationalization of its co-investment ventures into fewer, more profitable and differentiated investment vehicles. During the first quarter, the company:

• purchased its partner’s interest in Prologis North America Fund II and brought the entire $1.6 billion portfolio directly onto the balance sheet, and
• terminated the Prologis California fund, dividing the portfolio equally with its partner and bringing Prologis’s 50% share of the fund’s $1.1 billion of real estate directly onto its balance sheet.

“The sale of these North American assets, along with the dispositions in Europe we announced earlier this week supports the ongoing alignment of our portfolio and our deleveraging efforts,” says William Sullivan, CFO of Prologis. “In addition, we continue to rationalize the handful of our funds that we have identified as non-strategic for our private-capital business going forward.”

As GlobeSt.com previously reported, last week Tristan Capital, through its Curzon Capital Partners III Fund, purchased six logistics facilities throughout Germany from Prologis for $183 million. The properties—which included 15 sites, including six warehouses and two industrial parks, totaling 2.3 million square feet—are in Malsfield, Saarwellingen, Leipzig, Herbrechtingen, Neuenstadt and Herford. Most of the sites were built in the past three years. At that time, Ric Lewis, Tristan CEO, said in a statement, “Prologis wanted to sell the entire logistics portfolio over a relatively short time period.”

Prologis had no further comment regarding additional strategic plans for the company or the types of buyers who are picking up the company’s dispositions.