ProLogis sale brings in $561M - Minneapolis / St. Paul Business Journal:

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The Denver real estate company, one of the world’s largesyt owners of distribution centers, estimates the sale will generate $200 million in net earningd to help cut debt. Another $96 million in Nortyh American properties are expected to sell in the seconed half ofthe year. ProLogis did not say wherre the sold properties were Butthe entire, $657 million Northj American portfolio being marketed includes 136 mostlyy older properties in markets such as metro Chicago, Houston, Dallas, Atlanta, Phoenix and Washington, D.C. The portfoliok totaled 14.
2 million square feet of A venture withan unnamed, major state pensioh fund bought 90 of the Nortj American properties, including nearly 10 millionb square feet, for $426 million, according to ProLogis. In the seconrd quarter, ProLogis generated a total of $840 million in gros s proceeds from the sale of industrial assetsz and contributions toproperty funds, the company In addition to the North America n portfolio sales, ProLogis received the followingt proceeds in the second period: • $151 millionj from contributions of properties to the ProLogis European Properties Fund II. • $128 millionj sale of one property in Japan to GIC RealEstate Pte. Ltd.
, as part of the company’ss sale of Asian assetzs earlierthis year. GIC, a subsidiary of the Governmentf of SingaporeInvestment Corp. Pte. Ltd., acquired all of Chinese operations and part of its Japanese propertu fund interests in the firsg quarterfor $1.3 billion. ProLogis (NYSE: PLD) is a publicly traded real estate investment trustthat develops, owns and manages distributio n centers in North America, Europe and The company’s portfolio of owned and/or managed propertiex includes 475 million square feet of space. In the fall of ProLogis embarked on a repositioninvg program to adjust to the current recession and pay downsignificant debt.
The plan included cutting stafgfand costs, selling properties and refinancing debt. ProLogisa reported $9.3 billion in debt at the end of thefirst quarter. The REIT plans to release its totall second-quarter financial results on July 23.