Prologis, Inc. said on Thursday that it has completed the sale of a portfolio of buildings and land in the UK to real estate funds managed by Blackstone for £473 million ($618 million).
Prologis said the disposition represents the largest sale of logistics real estate assets on record in the UK.
The portfolio comprises approximately 4.3 million square feet of buildings and approximately 31 acres of consented development land across England:
- 22 stand-alone buildings totaling 4.3 million square feet located principally in the Midlands, as well as in the South West and North West.
- Approximately 31 acres of consented development land in Staffordshire and Widnes.
“This transaction completes the realignment of our UK portfolio with our long-term investment strategy in key distribution locations in the Midlands and the South East, along with our focus on urban Last Touch® properties in London,” said Paul Weston, senior vice president, regional head, Prologis UK. “The outcome demonstrates the strength of the logistics sector as an investment asset class.”
The transaction was included in the company’s 2020 disposition guidance of $1.3 to $1.5 billion, on a Prologis share basis.