Prologis: 605 Million USD in Third-Party Dispositions in Europe
Prologis today announced that during the first quarter of 2012, the company completed approximately 605 million USD in building and land dispositions in Europe, of which approximately 5 million represented Prologis’ share of the proceeds. These transactions included:
• 150 million USD of third-party building and land dispositions in Germany, of which 110 million USD was the company’s share. The portfolio was composed of 15 properties with a total of approximately 213,000 square metres (2.3 million square feet) in five submarkets; • 130 million USD of third-party building and land dispositions in Poland, of which 90 million USD was the company’s share. The portfolio comprised 11 properties totaling approximately 164,000 square metres (1.8 million square feet) in three submarkets; and • As previously announced, a 325 million USD 325,000 square metre (3.5 million square foot) portfolio in the U.K., of which 285 million USD was Prologis’ share of the proceeds.
“We began 2012 with strong progress against our strategic priority of realigning our portfolio,” said Gary E. Anderson, chief executive officer of Europe and Asia, Prologis. “The sale of these assets exemplifies the strong institutional demand for high-quality industrial properties in Europe.”