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Prologis USD 1.1 bln portfolio sale includes Hungarian properties

Multinational logistics real estate investment trust Prologis, Inc. has announced completion of the sale of a portfolio of buildings and land in the United States and Europe, including Hungary, to a major Asian property company for USD 1.1 billion, according to a press release sent to the Budapest Business Journal.

Prologis Park Sczesczin in Poland, also included in the transaction.

The portfolio features 86 buildings with a combined area of 1.5 million square meters, and 584,000 sqm of land. Some 46 buildings, totaling 923,000 sqm, were sold in Europe, primarily in Poland, France, and Hungary. In the U.S., Prologis sold 40 buildings totaling 610,000 sqm, mostly in Seattle, Dallas, and Chicago.

Two Hungarian locations are involved in the sale: Prologis Park Budapest-Üllő and Prologis Park Budapest-Batta.

"This transaction effectively completes our efforts to align our portfolio with our long-term investment strategy," said Michael S. Curless, chief investment officer at Prologis. "Our portfolio realignment program began in 2011 and, upon completion in the fourth quarter of this year, will total USD 14 billion of sales on an owned and managed basis."

The transaction included USD 934 mln of assets from Prologis’ co-investment ventures, as well as USD 195 mln in wholly owned assets. Prologis’ share of the proceeds amounted to around USD 610 mln. The transaction was included in the company’s 2018 guidance.