US logistics property giant Prologis has completed the sale of a portfolio of buildings and land in Europe and the US to a major Asian property company for $1.1 bn (€950 mln).
The European portfolio comprises 16.5 million sq ft (1.53 million m2) of buildings as well as 144 acres (58 hectares) of land, including 46 buildings totalling 9.9 million sq ft principally in Poland, France and Hungary.
In the US, the portfolio includes 40 buildings totalling 6.6 million sq ft primarily in Seattle, Dallas and Chicago.
The transaction included $934 mln of assets from Prologis' co-investment ventures and $195 mln in wholly owned assets. Prologis' share of the proceeds totalled approximately $610 mln, the company said in a statement.
'This transaction effectively completes our efforts to align our portfolio with our long-term investment strategy,' said Michael S. Curless, chief investment officer at Prologis. 'Our portfolio realignment programme began in 2011 and, upon completion in the fourth quarter of this year, will total approximately $14 bn of building sales on an owned and managed basis.'
