Prologis, Inc., the global leader in industrial real estate, today announced that, on behalf of two pan-European managed ventures, it has completed the sale of a 1.2 million square foot portfolio of UK industrial properties to Henderson UK Property.
Known as Project Click, the portfolio includes four distribution buildings in Crewe, Corby, Bristol and Peterborough. The properties are fully leased, and the average unexpired lease term exceeds nine years.
“We are delighted that Project Click has attracted so much interest,” said Andrew Griffiths, managing director, Prologis UK “The facilities in the portfolio are stand-alone buildings in good distribution locations, and we are pleased to have completed this transaction.”
Robin Hutchinson, from TH Real Estate, commented: “The purchase of the Click portfolio is in line with the Fund strategy of buying strong core income assets. The portfolio compliments the Fund’s existing logistics holdings as they are modern, well-let buildings in good locations. We expect the sector to perform well in the future given the supply demand dynamics of logistics in the UK”
Prologis owns and manages approximately 25 million square feet of logistics and distribution space in the UK as of September 30, 2015.
Prologis, Inc. is the global leader in industrial real estate. As of September 30, 2015, Prologis owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 671 million square feet (62 million square meters) in 21 countries. The company leases modern distribution facilities to more than 5,200 customers, including third-party logistics providers, transportation companies, retailers and manufacturers.
About TH Real Estate
TH Real Estate is an established investment management company specialising in real estate equity and debt investing worldwide. As one of the largest real estate managers in the world, TH Real Estate has the scale, capital resources and knowledge to provide creative and effective real estate investment solutions for clients. With a focus on the retail, office, logistics, debt and residential sectors, TH Real Estate emphasises sustainable practices to protect assets and maximise their value.
The company is owned by TIAA-CREF, a US financial services and Fortune 100 company, with c. £550bn assets under management*. Launched in April 2014, TH Real Estate has a dedicated global presence with offices across America, Asia and Europe, representing c. £19.6bn* of real estate assets across c. 50 funds and mandates. Together with TIAA-CREF’s US real estate assets, the global real estate platform of c. £58.7bn* represents one of the largest real estate investment management enterprises in the world.
Its products are managed by specialist teams, which apply their own experience to the management and style of their portfolios. Each team is supported by an experienced senior management team and integrated investment platform, including finance, debt and currency management, performance analytics, client service, fund and transaction structuring, development, sustainability and research.
*As at 30 September 2015