ProLogis sale brings in $561M - Memphis Business Journal:

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The Denver real estate one ofthe world’s largest owners of distribution estimates the sale will generate $200 million in net earningd to help cut debt. Another $96 million in Nortnh American properties are expected to sell in the second half of the ProLogis did not say where the sold propertieswere located. But the $657 million North American portfolio being marketed include 136 mostly older properties in marketa such asmetro Denver, Chicago, Houston, Atlanta, Seattle, Phoenix and Washington, D.C. The portfolio totaledc 14.
2 million square feet of A venture withan unnamed, major state pension fund bought 90 of the Northb American properties, including nearly 10 million square feet, for $426 according to ProLogis. In the secons quarter, ProLogis generated a total of $840 million in grosss proceeds from the sale of industrial assete and contributions toproperty funds, the companyh said. In addition to the North Americanportfolioo sales, ProLogis received the following proceeds in the second period: • $151 million from contributions of properties to the ProLogias European Properties Fund II. $128 million sale of one property in Japah to GIC RealEstate Pte.
as part of the company’s sale of Asian assets earliefrthis year. GIC, a subsidiary of the Governmeng of SingaporeInvestment Corp. Pte. Ltd., acquired all of ProLogis’ Chinese operationas and part of its Japanese propertyg fund interests in the first quarterfor $1.3 ProLogis (NYSE: PLD) is a publicly traded real estate investmeny trust that develops, owns and manage distribution centers in North America, Europe and The company’s portfolio of owned and/or managesd properties includes 475 million square feet of In the fall of 2008, ProLogix embarked on a repositioning program to adjust to the current recessionm and pay down significant debt.
The plan included cuttingb staffand costs, selling properties and refinancing debt. ProLogia reported $9.3 billion in debt at the end of thefirstg quarter. The REIT plans to release its total second-quarter financial results on July 23.