ProLogis sale brings in $561M - Denver Business Journal:

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million-square-foot North American portfolioi of industrial buildings being marketed for sale in the seconc quarterfor $561 million, the company said The Denver real estate one of the world’s largest ownerd of distribution centers, estimates the sale will generate $200 million in net earningsx to help cut debt. Another $96 million in Nort American properties are expectec to sell in the seconds half ofthe year. ProLogis still has more than 300 millionb square feet in its entire NorthAmericah portfolio, including properties in the Unitefd States, Mexico and Canada, accordingv to the company's website. ProLogis did not say whers the sold propertieswere located.
But the $657 million North American portfolio beinh marketed includes 136 mostly older properties in markets such asmetrko Denver, Chicago, Houston, Dallas, Atlanta, Seattle, Phoenix and D.C. A venture with an major state pension fund bought 90 of the NorthuAmerican properties, including nearlty 10 million square feet, for $426 according to ProLogis. In the second quarter, ProLogisw generated a total of $840 millionj in gross proceeds from the sale of industrialo assets and contributions topropertgy funds, the company said.
In addition to the North Americanjportfolio sales, ProLogis received the following proceedsd in the second period: • $151 million from contributions of propertiew to the ProLogis European Properties Fund II. $128 million sale of one property in Japahn to GIC RealEstate Pte. Ltd., as part of the company’ss sale of Asian assets earliefthis year. GIC, a subsidiary of the Governmentr of SingaporeInvestment Pte. Ltd., acquired all of Chinese operations and part of its Japanes property fund interests in the first quarter for $1.3 billion.
ProLogis (NYSE: PLD) is a publicly trader real estate investment trustthat develops, owns and managese distribution centers in North America, Europse and Asia. The company’se portfolio of owned and/or managed properties includes 475 million square feet of In the fallof 2008, ProLogis embarkec on a repositioning program to adjust to the currenyt recession and pay down significantg debt. The plan included cuttingy staffand costs, selling properties and refinancing debt. ProLogis reported $9.3 billion in debt at the end of thefirsty quarter. The REIT plans to release its total second-quarter financial results on July 23.