Prologis to acquire partner’s interest in Brazil portfolio

Prologis has plans to acquire its partner’s interest in its Brazil portfolio for BRL1.2 billion ($362 million).

Upon close of the transaction, Prologis will own 100 percent of Prologis CCP and rename the business to Prologis Brazil.

It is expected to close in the second half of 2017.  Prologis CCP is a joint venture between Prologis and Cyrela Commercial Properties. Prologis CCP is one of the leading providers of industrial real estate in Brazil’s primary markets and currently owns and operates approximately 8.8 million square feet.