This article is from the Australian Property Journal archive
PROLOGIS, which is currently engaged in a $1.24 billion takeover of Macquarie ProLogis, has formed a fund to buy $US1.85 billion industrial portfolio from the Dermody Properties/CalSTERS joint venture.
The ProLogis North American Properties Fund III will buy the properties from DP Industrial, a joint venture between Dermody Properties, one of the nation’s largest private industrial property developers, and CalSTERS, the California State Teachers Retirement System.
The acquisition includes 114 properties comprising 24.7 million sq ft of distribution space in Reno and Las Vegas, Nevada; Eastern Pennsylvania; Chicago, Illinois and Tejon Ranch in Southern California, including 1.2 million sq ft of construction in progress.
Also included are 518 acres of developable land that can accommodate up to 9.3 million sq ft of future development. DP will continue to operate as a private industrial property developer and will maintain its national headquarters in Reno, Nevada.
ProLogis’ chief Jeffrey Schwartz said the purchase significantly expands the group’s platform in five key US logistics markets.
“It also enhances our land bank and strengthens relationships with our base of target customers,” he concluded.
Australian Property Journal
