Prologis sells 3.5m sq f UK portfolio to Blackstone

Prologis today announced that it has completed the sale of a 3.5 million square foot (346,000 square meters) portfolio of UK industrial properties to Blackstone. The aggregate sales price was approximately $335 million, of which $295 million was Prologis' share of the proceeds.

The portfolio comprises 13 properties located in England's Midlands and Yorkshire. The properties are 100 percent leased with an average unexpired lease term that exceeds nine years.

„We have sold this portfolio as it no longer fit within our investment strategy, and offered us the ability to redeploy our capital“, said Philip Dunne, president of Prologis Europe.