SAN FRANCISCO, Feb. 6, 2015 /PRNewswire/ -- Prologis, Inc.
(NYSE: PLD), the global leader in industrial real estate, today
announced the sale of a 21-building, 56-acre industrial park to
Facebook, Inc.
Menlo Science & Technology Park is located on Willow Road
between Highway 101 and the Dumbarton Bridge in Menlo Park, Calif. Prologis has owned and
managed the property since 1998.
"Land constraints and increased urbanization pressures in
markets such as Silicon Valley support the monetization of select
infill assets," said Michael
Curless, chief investment officer, Prologis. "This project
and others in our portfolio benefit from our dedicated team who
understand how to identify and unlock the intrinsic value in our
value-added conversion properties."
"Our team has spent the past several years planning the
conversion of this site for higher and better use," said
Mark Hansen, senior vice president,
value added investments, Prologis. "We are pleased to see our
efforts materialize and provide a strong foundation for the future
redevelopment of the site."
As part of the transaction, Prologis will provide ongoing
management services on behalf of Facebook.
ABOUT PROLOGIS
Prologis, Inc., is the global leader in
industrial real estate. As of December 31,
2014, Prologis owned or had investments in, on a wholly
owned basis or through co-investment ventures, properties and
development projects expected to total approximately 590 million
square feet (55 million square meters) in 21 countries. The company
leases modern distribution facilities to more than 4,700 customers,
including third-party logistics providers, transportation
companies, retailers and manufacturers.
FORWARD-LOOKING STATEMENTS
The statements in this
document that are not historical facts are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements are based on
current expectations, estimates and projections about the industry
and markets in which Prologis operates, management's beliefs and
assumptions made by management. Such statements involve
uncertainties that could significantly impact Prologis' financial
results. Words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates," variations of such words
and similar expressions are intended to identify such
forward-looking statements, which generally are not historical in
nature. All statements that address operating performance,
events or developments that we expect or anticipate will occur in
the future — including statements relating to rent and occupancy
growth, development activity and changes in sales or contribution
volume of properties, disposition activity, general conditions in
the geographic areas where we operate, our debt and financial
position, our ability to form new co-investment ventures and the
availability of capital in existing or new co-investment ventures —
are forward-looking statements. These statements are not guarantees
of future performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Although we believe the
expectations reflected in any forward-looking statements are based
on reasonable assumptions, we can give no assurance that our
expectations will be attained and therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. Some of the factors that may
affect outcomes and results include, but are not limited to: (i)
national, international, regional and local economic climates, (ii)
changes in financial markets, interest rates and foreign currency
exchange rates, (iii) increased or unanticipated competition for
our properties, (iv) risks associated with acquisitions,
dispositions and development of properties, (v) maintenance of real
estate investment trust ("REIT") status and tax structuring, (vi)
availability of financing and capital, the levels of debt that we
maintain and our credit ratings, (vii) risks related to our
investments in our co-investment ventures and funds, including our
ability to establish new co-investment ventures and funds, (viii)
risks of doing business internationally, including currency risks,
(ix) environmental uncertainties, including risks of natural
disasters, and (x) those additional factors discussed in reports
filed with the Securities and Exchange Commission by Prologis under
the heading "Risk Factors." Prologis undertakes no duty to update
any forward-looking statements appearing in this document.
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SOURCE Prologis, Inc.