ProLogis, a leading global provider of distribution facilities and services, today announced that it has completed the sales of two of its temperature-controlled logistics operations based in Europe.
On January 30, 2002, the company announced it was in various stages of negotiations to sell a total of $400 million of its temperature-controlled logistics assets. The two sales just closed, part of the previously announced transactions, will generate a total of 115 million euro in proceeds, or $102 million at the current exchange rate. The two businesses were sold to private European buyers and specific terms were not disclosed.
ProLogis said it intends to use the proceeds to pay down the remaining third party debt of Frigoscandia, the companyâ€™s temperature-controlled logistics business in Europe. As of December 31, 2001, Frigoscandiaâ€™s third party debt was EUR 102 million, or $90 million at the current exchange rate.
These sales represent a total of 37.8 million cubic feet of temperature-controlled distribution space, reducing the remaining operating assets of the business to 295 million cubic feet of space, or approximately $480 million.