Prologis announces UK sale

ProLogis European Properties (PEPR) has announced the completion of a deal involving five of its UK-based distribution facilities.

In a deal worth £64.4 million, the sites have been sold to an affiliate of Harbert European Real Estate Fund II and it takes the number of warehouse-style commercial properties managed by Prologis in the UK to 39.

Simon Nelson, head of asset management for the body, said the agreement highlighted the firm's ability to "execute transactions successfully in what remains a relatively slow market".

He added: "The sale price is in line with current valuations and the disposal of these standalone assets is consistent with PEPR's long-term business plans for its UK portfolio.

"The proceeds from both sales will be used to reduce outstanding debt."
Land Securities recently confirmed the sale of the Fremlin Walk shopping centre in Maidstone in a deal worth £70 million.