New-Shape Prologis Targets Expansion
The “merger of equals” between ProLogis and AMB Property Corp announced earlier this year was approved by the respective shareholders and took full effect on 3 June 2011. The new company, Prologis, Inc (note the small change in spelling), has assets under management totalling some €31 billion and is now one of the world’s largest listed real estate companies.
The enlarged US-REIT has around 3,500 industrial assets in 22 countries around the world with an aggregate capacity of some 55.7 million square metres. Unsurprisingly, a significant proportion of the portfolio is in North America, where 70 percent of assets are located; a further 24 percent are in Europe and the remaining 6 percent in Asia Pacific. Philip Dunne, president of Prologis’s European business, explains that North America will continue to be the larger