Prologis offloads £473m UK portfolio

Prologis, a real estate investment trust based in the US, has completed the sale of a UK portfolio worth £473m to real estate funds managed by Blackstone.

Blackstone is a global investment group, who’s real estate brand operates over £134bn worth of capital.

The assets include roughly 4.3 million sq ft of buildings principally located in the Midlands, the South West, and the North West.

Also part of the deal was 31 million acres of land in Staffordshire and Widnes.

Paul Weston, senior vice president and regional head at Prologis UK, said: “The outcome demonstrates the strength of the logistics sector as an investment asset class.

“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.”

The transaction, which consisted mostly of assets acquired from Liberty Property Trust in February, was included in the company’s 2020 disposition guidance of £1bn to £1.15bn on a Prologis share basis.

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