US logistics property giant Prologis has announced the sale of a European portfolio of 21 assets to funds managed by alternative asset manager Ares Management.
Financial details were not disclosed.
The portfolio encompasses a total of 450,930 m2 of properties as well as three land sites totalling 276,700 m2.
The assets are located throughout France, Germany, the Netherlands, Poland, Spain and the UK.
'This transaction is significant, both in terms of its geography and scope,' said Ben Bannatyne, president of Prologis Europe. 'Not only was this an agile team effort, but streamlining our portfolio is integral to our long-term capital deployment strategy which creates superior value for our investors and customers.'
CBRE represented Prologis in the transaction, while JLL advised Ares Management.
