Jones Lang LaSalle
New ProLogis Industrial Fund Pursues $4B Capitalization
February 15, 2006
By Colleen Corley, News Writer
ProLogis has created an open-end, infinite-life industrial fund with an expected capitalization of $4 billion, the company said this morning. ProLogis will contribute 77 properties--about 12.2 million square feet--to the ProLogis North American Industrial Fund L.P.
The distribution facility properties were acquired in January from three ProLogis North American Properties Funds affiliated with Arcapita Banks B.S.C., a spokesperson for ProLogis told CPN today. The portfolio included properties in markets such as Chicago; St. Louis; Portland, Ore.; northern New Jersey and Florida (an Orlando property, pictured).
The new fund differs from the usual ProLogis structure by the open-ended nature of investment, which allows multiple investors to increase or decrease their involvement as needed. Most ProLogis funds have just one investor, the spokesperson noted, and have set expiration dates.
Third-party equity will account for about $1.5 billion of the fund's capitalization, while ProLogis will add equity interest and leverage. Macquarie Capital Partners and Eastdil Secured advised the new fund.
New ProLogis Industrial Fund Pursues $4B Capitalization
February 15, 2006
By Colleen Corley, News Writer
ProLogis has created an open-end, infinite-life industrial fund with an expected capitalization of $4 billion, the company said this morning. ProLogis will contribute 77 properties--about 12.2 million square feet--to the ProLogis North American Industrial Fund L.P.
The distribution facility properties were acquired in January from three ProLogis North American Properties Funds affiliated with Arcapita Banks B.S.C., a spokesperson for ProLogis told CPN today. The portfolio included properties in markets such as Chicago; St. Louis; Portland, Ore.; northern New Jersey and Florida (an Orlando property, pictured).
The new fund differs from the usual ProLogis structure by the open-ended nature of investment, which allows multiple investors to increase or decrease their involvement as needed. Most ProLogis funds have just one investor, the spokesperson noted, and have set expiration dates.
Third-party equity will account for about $1.5 billion of the fund's capitalization, while ProLogis will add equity interest and leverage. Macquarie Capital Partners and Eastdil Secured advised the new fund.
posted by Jones Lang LaSalle NJ News Blog at 9:55 AM
<< Home