Prologis has sold a portfolio of building and land assets in Europe and the US to a major Asian property company, for $1.1bn (£849m).
The assets span 16.5m sq ft of space across 86 buildings, as well as 144 acres of land. These include: 46 buildings totalling 9.9m sq ft, mainly in Poland, France and Hungary; and 40 buildings totalling 6.6m sq ft primarily located in Seattle, Dallas and Chicago.
The transaction included $934m of assets from Prologis’s co-investment ventures and $195m in wholly owned assets. Prologis’s share of the proceeds amounted to around $610m.
Michael Curless, chief investment officer of Prologis, said: “This transaction effectively completes our efforts to align our portfolio with our long-term investment strategy.
“Our portfolio realignment programme began in 2011 and, upon completion in the fourth quarter of this year, will total approximately $14bn of building sales on an owned and managed basis.”
The company owns or has investments in properties and developments measuring around 756m sq ft across 19 countries.
Prologis also leases modern distribution facilities to roughly 5,500 customers across both business-to-business and retail/online fulfilment categories.
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