Key Takeaways
- • Prologis, Inc. (NYSE: PLD) will be the sole sponsor of FIBRA Prologis, a real estate investment trust (FIBRA) in Mexico, announced May 21, 2014 via PRNewswire.
- • The initial Class-A portfolio totals 29.7 million square feet (2.8 million square meters) across 177 logistics and manufacturing facilities in Mexico.
- • Of the portfolio, 61 percent sits in Prologis' global markets and 39 percent in its regional markets.
- • FIBRA Prologis will be funded with assets from the former Prologis MX Fund LP, Prologis Mexico Fondo Logistico, and Prologis' wholly owned Mexico properties.
- • The vehicle will hold a right of first refusal on certain Prologis-developed Mexican properties, and a Prologis subsidiary will serve as property and asset manager.
Summary
Prolgis, Inc. (NYSE: PLD), described as the leading global owner, operator and developer of industrial real estate, announced on May 21, 2014 that it will be the sole sponsor of FIBRA Prologis, a real estate investment trust in Mexico. According to the company's press release, the vehicle will serve as Prologis' long-term investment vehicle for modern logistics and manufacturing facilities in Mexico.
The initial Class-A portfolio totals 29.7 million square feet (2.8 million square meters) and includes 177 strategically located logistics and manufacturing facilities. Sixty-one percent of the properties are located in Prologis' global markets and 39 percent in its regional markets. The portfolio will combine assets from the former Prologis MX Fund LP and Prologis Mexico Fondo Logistico with Prologis' wholly owned Mexico properties.
FIBRA Prologis will hold a right of first refusal on certain Prologis-developed properties in Mexico. A wholly owned subsidiary of Prologis will act as property and asset manager for the vehicle.
The announcement is not an offer of securities in the United States or elsewhere. Securities issued by FIBRA Prologis have not been registered under the U.S. Securities Act of 1933, and the release states that it contains only information publicly available in Mexico. Prospective Mexican investors were directed to the preliminary or definitive prospectus filed with the Comision Nacional Bancaria y de Valores and the Bolsa Mexicana de Valores.
As of March 31, 2014, Prologis reported owning or holding investments in approximately 574 million square feet (53.3 million square meters) across 21 countries, leasing to more than 4,700 customers.
The initial Class-A portfolio totals 29.7 million square feet (2.8 million square meters) and includes 177 strategically located logistics and manufacturing facilities. Sixty-one percent of the properties are located in Prologis' global markets and 39 percent in its regional markets. The portfolio will combine assets from the former Prologis MX Fund LP and Prologis Mexico Fondo Logistico with Prologis' wholly owned Mexico properties.
FIBRA Prologis will hold a right of first refusal on certain Prologis-developed properties in Mexico. A wholly owned subsidiary of Prologis will act as property and asset manager for the vehicle.
The announcement is not an offer of securities in the United States or elsewhere. Securities issued by FIBRA Prologis have not been registered under the U.S. Securities Act of 1933, and the release states that it contains only information publicly available in Mexico. Prospective Mexican investors were directed to the preliminary or definitive prospectus filed with the Comision Nacional Bancaria y de Valores and the Bolsa Mexicana de Valores.
As of March 31, 2014, Prologis reported owning or holding investments in approximately 574 million square feet (53.3 million square meters) across 21 countries, leasing to more than 4,700 customers.
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