ProLogis says its sale of 13 industrial properties in the UK totaling 3.5 million square feet will allow the logistics real estate developer to better deploy its capital.
The sale announced this week to private investment group Blackstone for about $335 million is the latest action by ProLogis to slim down its international portfolio as the company adjusts its focus, and its holdings, following the 2008-2009 downturn.
The UK properties, located in the Midlands and Northeast of England, are 100 percent leased with an average unexpired lease term exceeding nine years.
ProLogis said it will pocket $295 million of the proceeds of the sale.
“We were pleased with the amount of interest this portfolio garnered as the combination of quality assets and lease term appealed to multiple investors,” said Philip Dunne, president of Prologis Europe.
“We have sold this portfolio as it no longer fits within our investment strategy, and offered us the ability to redeploy our capital,” he said.
As of December 31, 2011, ProLogis had about 21 million square feet in properties and assets under development in the U.K.
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