LONDON-Prologis, Inc. says that its Prologis European Logistics Partners (PELP) unit has purchased 11 buildings in the United Kingdom.
This is PELP's first acquisition since it was formed in March. PELP is a 50/50 joint venture between Prologis and Norges Bank Investment Management. The high-quality distribution facilities, totaling approximately 2.45 million square feet (227,000 square meters), are located in the West London, South East Midlands markets of the UK.
"This acquisition is a unique opportunity to purchase high-quality assets in the United Kingdom that complement PELP's existing portfolio," said Gary Anderson, CEO, Prologis Europe & Asia. "Demand for logistics infrastructure in the UK is rising at a time when the construction of new facilities is at a historic low. These strategically-located properties complement our existing portfolio and will allow us to better meet the needs of our customers."
PELP's portfolio now includes 206 class-A logistics facilities, and totals 51.2 million square feet (4.8 million square meters) in Europe.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
