Global distribution property group Prologis has sold eight wholly-owned assets in South Korea, as well as its interest in the Prologis Korea Fund.
Global distribution property group Prologis has sold eight wholly-owned assets in South Korea, as well as its interest in the Prologis Korea Fund.
The disposal generated net proceeds of almost $66 mln (EUR 48 mln) for Prologis, the new company created by the merger earlier this year of New York-listed companies Prologis and AMB.
The sale included a wholly-owned portfolio, comprising four properties totalling 39,500 m2 and 15 hectares of land, as well as the company's 20% interest in the Prologis Korea Fund. The fund consisted of 12 properties, totalling 161,048 m2.
'We outlined a clear strategy for the new company with priorities that include aligning our portfolio with our investment strategy, refining our private capital business and strengthening our balance sheet,' said Gary Anderson, Prologis CEO for Europe and Asia. 'The sale of one of our Korea wholly owned portfolios and the interest in the Korea Fund touches all three strategic priorities.'
Prologis' remaining platform in Korea comprises three buildings totalling 55,100 m2 of operating properties which were 100% at end-June this year.
