Thursday 27th Oct 2016 - Logistics Manager

ProLogis sells continental sites

ProLogis European Properties has sold eight logistics sites across Poland and Germany for a total of 71.8m euros.

Net proceeds from the sale will be used to further deleverage the business.

The disposal in Poland, to privately owned real estate firm Hines Global REIT, comprises approximately 73,000 square metres in five buildings, which are 93 per cent occupied, located in Warsaw and Bedzin. The aggregate sales price for the Polish portfolio was 51.2m euros.

The disposal in Germany, to pan-European real estate investment manager Tristan Capital Partners, comprises just over 36,000 square metres in three fully occupied buildings.

Peter Cassells, chief executive officer of PEPR, said: “These disposals are fully aligned with our active portfolio management strategy designed to optimise value for our unitholders through investment in core assets in prime locations.”