Prologis Announces Sale of 3.5 Million Square Foot UK Portfolio to Blackstone [Real Estate]
Prologis, Inc announced that it has completed the sale of a 3.5 million square foot (346,000 square meters) portfolio of UK industrial properties to Blackstone, one of the world's leading investment and advisory firms. The aggregate sales price was approximately $335 million, of which $295 million was Prologis' share of the proceeds.
The portfolio comprises 13 properties located in England's Midlands and Yorkshire. The properties are 100 percent leased with an average unexpired lease term that exceeds nine years.
"We were pleased with the amount of interest this portfolio garnered as the combination of quality assets and lease term appealed to multiple investors," said Philip Dunne, president of Prologis Europe. "We have sold this portfolio as it no longer fit within our investment strategy, and offered us the ability to redeploy our capital."
As of December 31, 2011 Prologis had approximately 21 million square feet (more than two million square meters) in properties and assets under development in the United Kingdom.
Posted at 23:04