Prologis Announces An Additional $543 Million in Contributions and Dispositions
18 Transactions Comprise 8.0 Million Square Feet across 3 Continents
SAN FRANCISCO, Oct. 6, 2011 /PRNewswire/ -- Prologis, Inc., the leading global owner, operator and developer of industrial real estate, today announced fund contributions and additional sales totaling approximately $543 million.
Contributions totaled $378 million and comprised 5.7 million square feet in the following funds:
- $58 million to the ProLogis European Property Fund II and the Prologis China Logistics Venture, closing during the third quarter, and
- $320 million to the Prologis Targeted U.S. Logistics Fund, closing subsequent to quarter end.
New third-party dispositions during the third quarter totaled $165 million and comprised 2.3 million square feet as well as approximately 49 acres of land. The sales included $105 million of wholly-owned assets and $60 million of fund assets.
"We continue to make excellent progress on our strategic plan to build one of the strongest balance sheets in the real estate sector, grow our private capital franchise and enhance the overall quality of our portfolio," said William E. Sullivan, Prologis' chief financial officer. "The contributions and sales of these assets reflect the diversity of our activities and the market's solid demand for quality industrial real estate."
In conjunction with its second quarter earnings call, the company provided disposition and contribution guidance of $1.2 billion to $1.5 billion for the second half of 2011, with the substantial majority expected to close in the fourth quarter of 2011. The company is well on its way to achieve its guidance as it has completed more than $720 million in dispositions and contributions in the second half of 2011, achieving more than 50 percent of its guidance midpoint.
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, 2011, Prologis owned or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 600 million square feet (55.7 million square meters) in 22 countries. The company leases modern distribution facilities to more than 4,500 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.
SOURCE Prologis, Inc.
Released October 6, 2011