Global industrial property owner and developer Prologis has announced the sale of $280 mln (EUR 210 mln) of assets in Poland and Germany, bringing its first-quarter disposal total in Europe to $605 mln.
Global industrial property owner and developer Prologis has announced the sale of $280 mln (EUR 210 mln) of assets in Poland and Germany, bringing its first-quarter disposal total in Europe to $605 mln.
The US-based group has divested $150 mln of third-party building and land dispositions in Germany to a fund advised by pan-European real estate investment manager Tristan Capital.
The assets are located in strong logistics hubs throughout Germany and comprises six individual warehouses and two parks with a total of 240,000 m2 in six locations (Malsfeld, Saarwellingen, Leipzig, Herbrechtingen, Neuenstadt and Herford) as well as an additional development potential of about 37,000 m2.
Alpha Industrial based in Cologne has been selected to act as operating partner and will co-invest in the transaction.
In Poland, 11 properties totalling 1.8 million sq ft were sold for $130 mln to privately owned real estate firm Hines Global REIT.
'We began 2012 with strong progress against our strategic priority of realigning our portfolio,' said Gary Anderson, chief executive officer of Europe and Asia, Prologis. 'The sale of these assets exemplifies the strong institutional demand for high-quality industrial properties in Europe.'
