Prologis Completes Sale of $1.1 Billion Portfolio
Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today announced it has completed the sale of a high-quality portfolio of buildings and land in Europe and the United States to a major Asian property company for $1.1 billion.
The portfolio comprises 1.5 million square meters of buildings as well as 584,000 square meters of land, including:
46 buildings totaling 923,000 square meters principally in Poland, France and Hungary
40 buildings totaling 610,000 square meters 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. The transaction was included in the company’s 2018 guidance.
“This transaction effectively completes our efforts to align our portfolio with our long-term investment strategy,” said 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 $14 billion of sales on an owned and managed basis.”