Debt-burdened ProLogis. has agreed to sell off its operations in China and one-fifth of its share of property fund interests in Japan for $1.3 billion in cash that will be applied to its debt.
ProLogis had $11.6 billion in debt on its books.
ProLogis, a publicly traded real estate investment trust (REIT), is the world’s largest developer and owner of distribution centers so that it is in real estate and logistics.
The company said that affiliates of GIC Real Estate, a real estate investment unit of the Government of Singapore Investment Corporation, would acquire the China and Japan interests for $1.3 billion plus liabilities assumed as part of the transaction. The deal is expected to close in January.
Source: Denver Business Journal