Prologis has completed the sale of a high-quality portfolio of buildings and land in Europe and the United States to a Singapour-based Mapletree for $1.1 billion.
The portfolio comprises 1.5 million square meters of buildings as well as 584,000 square meters of land, including 46 buildings totalling 923,000 square meters principally in Poland, France and Hungary and 40 buildings totalling 610,000 square meters primarily in Seattle, Dallas and Chicago.
The transaction included $934 million of assets from Prologis’ co-investment ventures and $195 million in wholly owned assets. Prologis’ share of the proceeds totalled approximately $610 million. The transaction was included in the company’s 2018 guidance.
"This transaction effectively completes our efforts to align our portfolio with our long-term investment strategy," said Michael S. Curless, Chief Investment Officer at Prologis. “Our portfolio realignment program began in 2011 and, upon completion in the fourth quarter of this year, will total $14 billion of sales on an owned and managed basis.”
Mapletree is a part of Temasek Holdings, an investment company owned by the government of Singapore with assets worth $308 billion.
