LONDON-Prologis, Inc. says that its Prologis European Logistics Partners (PELP) unit has purchased 11 buildings in the United Kingdom.
This is PELP's first acquisition since it was formed in March. PELP is a 50/50 joint venture between Prologis and Norges Bank Investment Management. The high-quality distribution facilities, totaling approximately 2.45 million square feet (227,000 square meters), are located in the West London, South East Midlands markets of the UK.
"This acquisition is a unique opportunity to purchase high-quality assets in the United Kingdom that complement PELP's existing portfolio," said Gary Anderson, CEO, Prologis Europe & Asia. "Demand for logistics infrastructure in the UK is rising at a time when the construction of new facilities is at a historic low. These strategically-located properties complement our existing portfolio and will allow us to better meet the needs of our customers."
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