Singapore’s Mapletree Investments has confirmed buying a portfolio of buildings and land in Europe and the US from Prologis for $1.1bn (€951.6m).
Prologis earlier said it has completed its portfolio realignment programme with the sale of the portfolio to an Asian property firm.
The logistics real estate investment trust said the portfolio comprises 16.5m square feet of buildings as well as 144 acres of land.
The assets include 46 buildings in Poland, France and Hungary as well as 40 buildings in Seattle, Dallas and Chicago.
Michael Smith, the regional CEO for Mapletree’s Europe and US business, said: “This acquisition is in line with Mapletree’s strategy to increase our global footprint as a logistics real estate provider and to venture beyond Asia - a strategy we have been executing since 2014.
”With properties strategically situated in key distribution hubs, Mapletree is well-positioned to capitalise on the growing demand for modern logistics facilities and the thriving e-commerce sector globally.”
The latest acquisition further marks the Temasek-owned property group’s deeper penetration into the US and European markets following earlier acquisitions of student accommodation, serviced apartments, commercial properties as well as data centres across these two regions.
“As an active capital manager, we have also embarked on a syndication of our European and US logistics assets to institutional and high net worth investors,” Smith said.
Prologis said the transaction included $934m of assets from its co-investment ventures and $195m in owned assets. Prologis’ share of the proceeds totalled around $610m.
Michael S. Curless, the 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 program 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.”