Prologis Achieves an Additional $543M in Contributions, Dispositions

Prologis Inc., an owner, operator and developer of industrial real estate, has announced fund contributions and additional sales of approximately $543 million.

Fund contributions totaled $378 million and comprised 5.7 million square feet including:

  • $320 million to the Prologis Targeted U.S. Logistics Fund, closing subsequent to quarter end;
  • $58 million to the Prologis European Property Fund II and the Prologis China Logistics Venture, closing during the third quarter.

During the third quarter new third party dispositions 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.

Prologis 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 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.

“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,” Prologis CFO William E Sullivan said in a statement. “The contributions and sales of these assets reflect the diversity of our activities and the market’s solid demand for quality industrial real estate.”

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