ProLogis forms joint venture with Norges Bank Investment Management Prologis announced the signing of a definitive agreement to form Prologis European Logistics Partners SÓrl, a euro-denominated joint venture. The venture will acquire a portfolio of high-quality distribution facilities wholly owned by Prologis in 11 target European global markets. Global. Prologis European Logistics Partners will be structured as a 50/50 joint venture with an equity commitment of $3.1B, which includes a $1.55B co-investment by both NBIM and Prologis. Upon closing, the venture will acquire a stabilized portfolio of 195 properties totaling approximately 49 million square feet; about 75% of the properties coming from the former ProLogis European Properties fund and the remaining 25% coming from other Prologis wholly owned assets.
Prologis sees FY15 CFFO $2.04-$2.12, up 11% vs last year Prologis sees FY15 GAAP EPS 40c-48c, year end occupancy 95.5%-96.5%; GAAP same store NOI growth 3.5%-4.5%; development stabilizations $1.7B-$1.9B; development starts $2.3B-$2.6B; building acquisitions $1.0B-$1.5B; contributions to co-investment ventures $1.3B-$1.8B; third-party dispositions $1.5B-$2.0B; strategic capital revenue $210M-$220M; and net G&A $238M-$248M.