ProLogis sells Polish and German portfolios for US$95.8 million
2012 04 09
- Details
PROLOGIS European Properties (PEPR), one of Europe's largest owners of modern distribution facilities, has announced the sale of eight logistics assets across Poland and Germany for a total of EUR71.8 million (US$95.8 million).
The company said in a statement that the net proceeds from the sale will be used to further deleverage the business.
The disposal in Poland, to privately-owned real estate firm Hines Global REIT, covers 73,000 square metres in five buildings, which are 93 per cent occupied, located in Warsaw and Bedzin. The aggregate sales price for the Polish portfolio was EUR51.2 million.
The disposal in Germany, to pan-European real estate investment manager Tristan Capital Partners, comprises just over 36,000 square metres in three fully occupied buildings, two of which are in Saarwellingen, western Germany, and one in Malsfeld in northern Germany. The aggregate sales price for the German portfolio was EUR20.6 million.
Said PEPR chief executive Peter Cassells: "These disposals are fully aligned with our active portfolio management strategy designed to optimise value for our unit holders through investment in core assets in prime locations."
Source Shipping Gazette - Daily Shipping News
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