New York-listed distribution property group Prologis has sold a 260,000 m2 industrial portfolio in the US for $118 mln (EUR 81 mln) to real estate investment manager Clarion Partners.
The 13-asset portfolio was owned by Prologis North American Properties Fund I.
'This disposition is part of our continuing programme to enhance investor returns in our private capital funds,' said Guy Jaquier, CEO of Prologis Private Capital. 'We are selectively selling properties where we have maximized value or where they no longer fit our strategic goals and objectives.'
Prologis North American Properties Fund I, a joint venture between Prologis and an institutional partner, was formed in June 2000.
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