Prologis European Logistics Partners (PELP), a 50-50 joint venture between Prologis and Norges Bank Investment Management, has made its first acquisition with the purchase of 11 buildings in the UK.
Prologis European Logistics Partners (PELP), a 50-50 joint venture between Prologis and Norges Bank Investment Management, has made its first acquisition with the purchase of 11 buildings in the UK.
PELP, which was formed in March this year, has bought a portfolio of 2.45 million sq ft (227,000 m2), located largely in the West London, South East and Midlands markets of the UK.
Financial details were not disclosed.
'This acquisition is a unique opportunity to purchase high-quality assets in the UK that complement PELP's existing portfolio,' said Gary Anderson, CEO, Prologis Europe & Asia. 'Demand for logistics infrastructure in the UK is rising at a time when the construction of new facilities is at a historic low.'
With this acquisition, PELP's portfolio includes 206 Class-A logistics facilities totalling 51.2 million sq ft in Europe.
