An open-ended Prologis-managed China logistics fund is adding five assets to its portfolio.
The Prologis China Core Logistics Fund (PCCLF) has agreed to acquire the assets across four logistics gateways in China in a deal that expands the fund’s footprint into some of the “strongest markets in China and extends the fund’s coverage from 16 to 18 cities.
Prologis said the new portfolio will be acquired at a cap rate that is immediately accretive to the fund’s portfolio cap rate. The assets will broaden PCCLF’s customer base, increasing the number of customers by approximately 23%, the manager said.
Vendor and financial details were undisclosed.
Alan Ooi, SVP and PCCLF fund manager at Prologis, said: “China continues to be an important market for us and we’re always looking for new assets in the right locations that can help to drive the fund’s growth.
“These five assets add to PCCLF’s portfolio of high-quality, income-generating, core logistics assets that are in the best locations across the Chinese market.”
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