ProLogis, a leading global provider of distribution facilities and services, today announced the closing of the sale of the companyÂ's temperature-controlled logistics operations in the United States (CS Integrated LLC (CSI)) to Atlas Cold Storage Income Trust and P&O Cold Logistics for a total consideration of $272 million.
The sale of CSIÂ's operations, combined with the previous sales of approximately $122 million of European temperature-controlled assets, completes the $400 million of temperature-controlled logistics operations identified for sale in January 2002. Following the CSI transaction, ProLogis continues to own temperature-controlled logistics operations in the United Kingdom and France with a remaining investment of approximately $173 million, or less than 2.5% of the companyÂ's gross assets.
Atlas Cold Storage is a public company with approximately 142 million cubic feet of temperature-controlled distribution space in Canada and the United States. P&O Cold Logistics is a wholly owned subsidiary of the Peninsular and Oriental Steam Navigation Company, a London listed public company. P&O Cold Logistics has approximately 150 million cubic feet of temperature-controlled distribution space in North America, Australia and Argentina.
ProLogis is a leading global provider of integrated distribution facilities and services, with over 211.3 million square feet (19.6 million square meters) in 1,696 distribution facilities owned, operating and under development in 81 global markets throughout North America, Europe and Japan. ProLogis has built and continues to expand the industryÂ's first and only global network of distribution facilities with the primary objective to increase shareholder value. The company expects to achieve this objective through the ProLogis Operating SystemÂ® and its commitment to be Â'The Global Distribution SolutionÂ' by providing exceptional corporate distribution facilities and services to meet customer expansion and reconfiguration needs globally.