Mapletree acquires Prologis logistics portfolio for US$1.1 billion

MAPLETREE Investments has acquired a 16.5 million square foot logistics portfolio for US$1.1 billion from Prologis, Inc.

The assets are located in distribution centres within major logistics markets such as Chicago, Dallas and Seattle in the US, as well as France, Germany and Poland, Mapletree said on Wednesday.

Michael Smith, Mapletree regional chief executive officer for Europe and USA, said: "This acquisition is in line with Mapletree's strategy to increase our global footprint as a logistics real estate provider and to venture beyond Asia - a strategy we have been executing since 2014. With properties strategically situated in key distribution hubs, Mapletree is well-positioned to capitalise on the growing demand for modern logistics facilities and the thriving e-commerce sector globally.

"As an active capital manager, we have also embarked on a syndication of our European and US logistics assets to institutional and high net worth investors."