US logistics property giant Prologis has agreed to buy a 157,500 m2 logistics portfolio in Belgium from AG Real Estate, the property arm of insurer AG, for an undisclosed amount.

Prologis

Prologis

The platform comprises six high-quality logistics facilities in Belgium’s key logistics markets of Liege, Beersel and Kontich.

The acquisition includes 80,000 m2 of land for the future development of 45,000 m2 of logistics space.

Prologis said that it has entered into the transaction to accelerate its growth in Belgium, with the facilities in Liege, Beersel and Kontich already leased to current Prologis customers.

‘Our focus has always been on locations that best serve the needs of our customers, and these facilities, located along one of Europe’s busiest logistics corridors, are highly complementary to our existing portfolio,’ said Jack Geurtjens, director Transactions Northern Europe Prologis.

‘Demand for high-quality logistics buildings close to consumption centers is rising sharply and this transaction is an important piece of our expansion strategy.' said Tatiana Posa, senior transaction manager for AG Real Estate added: ‘As a diversified real estate player, we have, for several years, been determined to create a logistics portfolio in line with our strategy of concentrating our efforts in a dedicated logistics joint venture. This disposition balances out our portfolio and aligns with this strategic approach.’

Prologis was advised by Cushman & Wakefield, PWC and Loyens & Loeff. The seller was advised by Savills/JLL, Linklaters, Aecom and Deloitte.