Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, has announced it has completed the sale of a portfolio of buildings and land in the UK to real estate funds managed by Blackstone for £473 million ($618 million).
The disposition represents the largest sale of logistics real estate assets on record in the UK. The majority of the assets were acquired from Liberty Property Trust upon Prologis’ acquisition of the company in February 2020.
The portfolio comprises approximately 4.3 million square feet of buildings and approximately 31 acres of consented development land across England:
- 22 stand-alone buildings totaling 4.3 million square feet located principally in the Midlands, as well as in the South West and North West.
- Approximately 31 acres of consented development land in Staffordshire and Widnes.
“This transaction completes the realignment of our UK portfolio with our long-term investment strategy and focus on logistics park ownership in key strategic locations in the Midlands and South East, as well as our urban Last Touch® focus in London ” said Paul Weston, senior vice president, regional head, Prologis UK. “The outcome demonstrates the strength of the logistics sector as an investment asset class.”
The transaction was included in the company’s 2020 disposition guidance of $1.3 to $1.5 billion, on a Prologis share basis.