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Prologis, Inc.
PLD, the
leading global owner, operator and developer of industrial real estate, today
announced the signing of a definitive agreement to form Prologis European
Logistics Partners Sàrl, a euro-denominated joint venture. The venture will
acquire a portfolio of high-quality distribution facilities wholly owned by
Prologis in 11 target European global markets.
Prologis' partner is Norges Bank Investment Management (NBIM), which is the
manager of the Norwegian Government Pension Fund Global. Prologis European
Logistics Partners will be structured as a 50 / 50 joint venture with an
equity commitment of €2.4 billion ($3.1 billion), which includes a €1.2
billion ($1.55 billion) co-investment by both NBIM and Prologis. The leverage
ratio is initially expected to be less than 15 percent of the aggregate gross
value of the venture's assets, which will be repaid upon maturity, enabling
the venture to operate on an all-equity basis.
Upon closing, the venture will acquire a stabilized portfolio of 195
properties totaling approximately 49 million square feet (4.5 million square
meters); about 75 percent of the properties coming from the former ProLogis
European Properties (PEPR) fund and the remaining 25 percent coming from other
Prologis wholly owned assets.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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