ProLogis says it generated more than $36 million in proceedsfrom the disposition of the assets and a net book loss of $1million. While these transactions will be modestly accretive,ProLogis does not anticipate a material change in its earlierguidance for the expected contribution from itstemperature-controlled business for 2001.

Frigoscandia and Nordfrost have agreed to negotiate a serviceand licensing agreement so Nordfrost can continue to serveFrigoscandia's pan-European customers requiring service inGermany.

"This agreement with Nordfrost is consistent with therepositioning of our European temperature-controlled businesstoward the distribution and logistics part of the supply chain,which is characterized by multi-use facilities with multi-nationalcustomers,'' says K. Dane Brooksher, chairman and CEO of ProLogis.'' Frigoscandia's German assets were generally more focused onsingle or local customers not operating on a pan-Europeanbasis."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.