Prologis sells sizeable stake in its Brazilian industrial park

Prologis, Inc. has announced that PREVI (a pension fund for the employees of the Bank of Brazil and the largest pension fund in Latin America) has purchased a 90% interest in the Prologis CCP Cajamar Industrial Park (Cajamar).

At completion, the Cajamar development is expected to comprise seven new Class-A logistics facilities with a total leasable area of approximately 2m sq ft (185,000 sq m). A joint venture with Cyrela Commercial Properties (CCP), Cajamar is strategically located near the Rodoanel (ring road) and the Anhanguera Highway in the Cajamar submarket of Sao Paulo.

"This is the first portfolio sale of Class-A distribution product to a major Brazilian pension fund and further solidifies industrial real estate as a major asset class with excellent investment potential," said Nick Kittredge, senior vice president, general manager, Brazil Prologis. "This transaction aligns well with our joint-venture strategy to develop modern, Class-A logistics facilities and recycle capital for future developments."

As of September 30, 2011, the Prologis CCP Joint Venture comprised approximately 1.2m sq ft (111,500 sq m) of operating and development properties, and more than 300 acres of land in Sao Paulo and Rio de Janeiro with an estimated build out potential of 5.9m sq ft (548,100 sq m).

Quelle: eyefortransport
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