The US-headquartered Prologis has agreed to sell its China operations and property fund interests in Japan in order to reduce its substantial debts. The assets have been sold to affiliates of GIC Real Estate of Singapore for cash US$1.3bn billion, plus liabilities assumed. Prologis is the world’s largest developer and owner of distribution centres. GIC is a real estate investment unit of the Government of Singapore Investment Corp. The deal is expected to be concluded at the end of January.
Prologis’s China assets include 20.7m square feet of completed properties and properties under development with a total expected investment of US$861m. It has premises in Shanghai, Suzhou, Beijing, Tianjin, Guangzhou and Shenzhen.