Prologis To Buy Its Partner's Interest In Brazil Portfolio For $362 Mln

(RTTNews) - Prologis Inc. (PLD) announced that it agreed to acquire its partner's interest in its Brazil portfolio for R$1.2 billion or US$362 million. Upon close of the transaction, Prologis will own 100% of Prologis CCP and rename the business to Prologis Brazil.

The transaction is subject to customary closing conditions, including applicable regulatory approvals, and is expected to close in the second half of 2017.

Prologis CCP is a joint venture between Prologis and Cyrela Commercial Properties. Prologis CCP is a provider of industrial real estate in Brazil's primary markets and currently owns and operates approximately 8.8 million square feet.