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ProLogis exits China, sells part of Japan portfolio

The world's largest developer of industrial property will sell off some of its Asian holdings to reduce debt.

Mark Solomon
By Mark SolomonFeb 02, 2009
Mark Solomon
Mark Solomon joined DC VELOCITY as senior editor in August 2008, and was promoted to his current position on January 1, 2015. He has spent more than 30 years in the transportation, logistics and supply chain management fields as a journalist and public relations professional. From 1989 to 1994, he worked in Washington as a reporter for the Journal of Commerce, covering the aviation and trucking industries, the Department of Transportation, Congress and the U.S. Supreme Court. Prior to that, he worked for Traffic World for seven years in a similar role. From 1994 to 2008, Mr. Solomon ran Media-Based Solutions, a public relations firm based in Atlanta. He graduated in 1978 with a B.A. in journalism from The American University in Washington, D.C.
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ProLogis, the world's largest developer of industrial property, will sell its operations in China and 20 percent of its Japanese property fund interests to GIC Re, a real estate investment company owned by the Singapore government. ProLogis will receive $1.3 billion in cash for the assets, and will use the proceeds to reduce debt. The deal was set to close by the end of January.

ProLogis's current Chinese staff will remain in place, and its portfolio will stay unchanged, though the company will not be involved with the properties, a company spokeswoman said. She added that the decision to exit China and scale back in Japan "is not a market call. Business is softening everywhere, but the decision ... was more a function of the scope of our exposure [in Asia] and the ability to accomplish a significant portfolio sale quickly."

Among the assets in China to be sold are 20.7 million square feet of completed properties and properties under development. ProLogis expects to have invested $861 million in those assets. As of Sept. 30, 2008, ProLogis had 548 million square feet owned, managed, and under development worldwide.

ArticleOther ServicesSC Services
february 2009
ArticleOther ServicesSC Services
february 2009

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