ProLogis says it generated more than $36 million in proceeds from the disposition of the assets and a net book loss of $1 million. While these transactions will be modestly accretive, ProLogis does not anticipate a material change in its earlier guidance for the expected contribution from its temperature-controlled business for 2001.
Frigoscandia and Nordfrost have agreed to negotiate a service and licensing agreement so Nordfrost can continue to serve Frigoscandia's pan-European customers requiring service in Germany.
"This agreement with Nordfrost is consistent with the repositioning of our European temperature-controlled business toward the distribution and logistics part of the supply chain, which is characterized by multi-use facilities with multi-national customers,'' says K. Dane Brooksher, chairman and CEO of ProLogis. '' Frigoscandia's German assets were generally more focused on single or local customers not operating on a pan-European basis."
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