Prologis Buys 2.5 Mln Square Feet In Czech, Poland And Slovakia

(RTTNews) - Prologis Inc (PLD), an industrial real estate company, said Tuesday that Prologis European Properties Fund II ("PEPF II") has acquired a portfolio of about 2.5 million square feet (230,000 square meters) in the Czech Republic, Poland and Slovakia.

The portfolio encompasses 23 Class-A distribution centers, including 17 properties totaling 1.75 million square feet (163,000 square meters) in Prague; four properties totaling 596,000 square feet (55,400 square meters) in Warsaw; and two properties totaling 124,900 square feet (11,600 square meters) in Bratislava.

"We are pleased to acquire such well-located logistics facilities at a discount to replacement costs," said Philip Dunne, president, Prologis Europe. "These high-quality assets complement our existing portfolio. The Prague assets, in particular, are in a long-established park that will benefit from an increase in labor availability in the years to come."

Prologis owns and manages about 154 million square feet (14.3 million square meters) of logistics and distribution space in Europe as of June 30.