SAN FRANCISCO, Feb. 1, 2016 /PRNewswire/ -- Prologis, Inc.
(NYSE: PLD), the global leader in industrial real estate, today
announced an $882 million increase in
the equity commitment to Prologis China Logistics Venture, with
$750 million contributed by HIP China
Logistics Investments Limited and $132
million by Prologis.
Prologis China Logistics Venture was formed in 2011 with an
investment strategy to build, acquire and manage logistics
properties in China. This
announcement marks the fourth capital commitment received from HIP
and Prologis since the fund originated. The venture has committed
equity of more than $2.6 billion, of
which HIP contributed 85 percent and Prologis 15 percent. To date,
$93 million of Prologis' $400 million in committed capital has been
deployed. The new capital will fund the venture for the foreseeable
future.
The company also announced the signing of six lease agreements
totaling 2.1 million square feet (196,000 square meters) with three
new and three repeat customers in the north, west and east regions
of China. Five of these occurred
in the fourth quarter of 2015 and one lease agreement was signed in
the first quarter of 2016.
"China continues to provide
excellent long-term opportunities for growth in our sector," said
Gary Anderson, CEO, Prologis Europe
and Asia. "As the Chinese economy
evolves from export to consumer based, we expect to benefit by
targeting our investments in the top global commerce centers in the
country."
"We have a trusted and growing relationship with HIP China
Logistics Investments that continues to yield great benefits for
both of us," said James W. Green,
managing director, Global Client Relations, Prologis.
ABOUT PROLOGIS
Prologis, Inc. is the global
leader in industrial real estate. As of December 31, 2015, Prologis owned or had
investments in, on a wholly owned basis or through co-investment
ventures, properties and development projects expected to total
approximately 669 million square feet (62 million square meters) in
20 countries. The company leases modern distribution facilities to
more than 5,200 customers, including third-party logistics
providers, transportation companies, retailers and
manufacturers.
FORWARD-LOOKING STATEMENTS
The statements in this
release 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 release.
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SOURCE Prologis, Inc.