Jul
06
Prologis to Buy Out Brazilian JV Partner for $362M
ByUpon closing, during the second half of the year, the company will own a full interest in 20 industrial properties, with an average occupancy of 90 percent.
Prologis Inc. has entered into an agreement to acquire its partner’s interest in its Brazilian portfolio for R$1.2 billion (US$362 million), the company announced Tuesday. On the transaction’s closing, Prologis will own 100 percent of Prologis CCP and rename the business to Prologis Brazil.
Prologis CCP is a joint venture between Prologis and Cyrela Commercial Properties. It’s a leading provider of industrial real estate in Brazil’s primary markets and owns and operates about 8.8 million square feet.
The Brazilian portfolio comprises 20 properties and is on average 90.1 percent occupied, according to information provided to Commercial Property Executive by a Prologis spokesperson. Prologis declined to otherwise comment on the transaction…
