Michael S. Curless, chief investment officer, Prologis
SAN FRANCISCO—Locally-based Prologis Inc. has sold a portfolio of 16.5 million square feet of buildings and land in Europe and the United States to a Far East investor for $1.1 billion.
Prologis, a logistics real estate investment firm that completed its $8.4-billion acquisition of rival DCT Industrial Trust in August, reports it has completed the sale of 86 buildings and 144 acres of land to an unnamed “major Asian property company.”
“This transaction effectively completes our efforts to align our portfolio with our long-term investment strategy,” says Michael S. Curless, chief investment officer, Prologis. “Our portfolio realignment program began in 2011 and, upon completion in the fourth quarter of this year, will total approximately $14 billion of building sales on an owned and managed basis.”
A breakdown of the portfolio traded includes 46 buildings totaling 9.9 million square feet principally in Poland, France and Hungary and 40 buildings totaling 6.6 million square feet primarily in Seattle, Dallas and Chicago.
The transaction included $934 million of assets from Prologis' co-investment ventures and $195 million in wholly owned assets. Prologis' share of the proceeds totaled approximately $610 million.
As of June 30, 2018, and inclusive of the DCT acquisition on Aug. 22, Prologis owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 756 million square feet in 19 countries. Prologis leases modern distribution facilities to a diverse base of approximately 5,500 customers across two major categories: business-to-business and retail/online fulfillment.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
