ProLogis European Properties (Euronext: PEPR), one of Europe's largest owners of modern distribution facilities, announced that it has sold ten UK logistics assets for a total of 180.3 million (£150.9 million). Proceeds from the sale will be used to further deleverage the business.
The disposal comprises 231,650 m² in ten fully leased buildings.
The disposal comprises 231,650 m² in ten fully leased buildings located in the Midlands and North-East of the UK.
Peter Cassells, chief executive officer of PEPR, commented: "We are pleased to have owned the bulk of these assets since our formative years. During that time, we have successfully created value through refurbishment and subsequent letting activity. This disposition is in line with our objectives to actively manage the portfolio to optimize value, through focusing on core assets and locations where we have critical mass."
This transaction is part of the wider UK portfolio disposition agreed between Prologis, Inc. (NYSE: PLD) and Blackstone, one of the world's leading investment and advisory firms.