Prologis, Inc today announced that Prologis European Logistics Partners Sarl (PELP) purchased 11 buildings in the United Kingdom. PELP is a 50/50 joint venture between Prologis and Norges Bank Investment Management (NBIM). This is PELP's first acquisition since its formation in March.
The high-quality distribution facilities, totaling approximately 2.45 million ft² (approx. 227,000 m²), are located in the West London, the South East and Midlands markets of the UK.
"This acquisition is a unique opportunity to purchase high-quality assets in the United Kingdom that complement PELP's existing portfolio," said Gary Anderson, CEO, Prologis Europe & Asia. "Demand for logistics infrastructure in the UK is rising at a time when the construction of new facilities is at a historic low. These strategically-located properties complement our existing portfolio and will allow us to better meet the needs of our customers."
With this acquisition, PELP's portfolio includes 206 class-A logistics facilities totaling 51.2 million ft² (approx. 4.8 million m²) in Europe.