ProLogis has sold 90 percent of its share of a major Brazilian logistics hub to PREVI, the pension fund for the employees of the Bank of Brazil, for an undisclosed sum.
When completed, Prologis CCP Cajamar Industrial Park, near San Paulo, will consist of seven logistics facilities totaling about 2 million square feet. Current tenants of the park, a joint venture with Brazilian developer Cyrela Commercial Properties, include Schneider Electric and Penske Logistics.
The company announced in September that it had leased 309,400 square feet to an undisclosed Brazilian retailer.
"This is the first portfolio sale of Class-A distribution product to a major Brazilian pension fund and further solidifies industrial real estate as a major asset class with excellent investment potential," said Nick Kittredge, senior vice president, general manager, Brazil Prologis. "This transaction aligns well with our joint-venture strategy to develop modern, Class-A logistics facilities and recycle capital for future developments."