Prologis Acquires 2.5 Million Square Feet in Europe
SAN FRANCISCO, Sept. 9, 2014 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the global leader in industrial real estate, today announced that Prologis European Properties Fund II ("PEPF II") has acquired a portfolio of approximately 2.5 million square feet (230,000 square meters) in the Czech Republic, Poland and Slovakia.
The portfolio encompasses 23 Class-A distribution centers, including:
- 17 properties totaling 1.75 million square feet (163,000 square meters) in Prague. Prologis Park Prague-Rudna is located on the D5 highway, with direct connection to Germany and proximity to Prague International Airport;
- Four properties totaling 596,000 square feet (55,400 square meters) in Warsaw. Prologis Park Warsaw-Zeran is located near the Warsaw city center east of the A2 highway, a key regional transport route; and
- Two properties totaling 124,900 square feet (11,600 square meters) in Bratislava. These facilities are adjacent to Prologis Park Bratislava and include 19.3 acres of land with a build-out potential of 413,000 square feet (38,400 square meters) of logistics space.
"We are pleased to acquire such well-located logistics facilities at a discount to replacement costs," said Philip Dunne, president, Prologis Europe. "These high-quality assets complement our existing portfolio. The Prague assets, in particular, are in a long-established park that will benefit from an increase in labor availability in the years to come."
Prologis owns and manages approximately 154 million square feet (14.3 million square meters) of logistics and distribution space in Europe as of June 30, 2014.
Prologis, Inc., is the leading owner, operator and developer of industrial real estate, focused on global and regional markets across the Americas, Europe and Asia. As of June 30, 2014, Prologis owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 571 million square feet (53 million square meters) in 21 countries. The company leases modern distribution facilities to more than 4,700 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.
The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Prologis operates, management's beliefs and assumptions made by management. Such statements involve uncertainties that could significantly impact Prologis' financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, development activity and changes in sales or contribution volume of properties, disposition activity, general conditions in the geographic areas where we operate, our debt and financial position, our ability to form new co-investment ventures and the availability of capital in existing or new co-investment ventures — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic climates, (ii) changes in financial markets, interest rates and foreign currency exchange rates, (iii) increased or unanticipated competition for our properties, (iv) risks associated with acquisitions, dispositions and development of properties, (v) maintenance of real estate investment trust ("REIT") status and tax structuring, (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings, (vii) risks related to our investments in our co-investment ventures and funds, including our ability to establish new co-investment ventures and funds, (viii) risks of doing business internationally, including currency risks, (ix) environmental uncertainties, including risks of natural disasters, and (x) those additional factors discussed in reports filed with the Securities and Exchange Commission by Prologis under the heading "Risk Factors." Prologis undertakes no duty to update any forward-looking statements appearing in this document.
SOURCE Prologis, Inc.
Released September 9, 2014