ProLogis sees $264M from sale, fund contributions

DENVER

Distribution center owner ProLogis said Tuesday the sale of an industrial building in Japan and fund contributions from European properties have generated about $264 million.

The company sold an 800,000-square-foot distribution facility in Japan, reaping $198.7 million. The company retained a 10 percent stake in the property and will continue to manage it.

ProLogis also said it received $65.1 million from contributions of stabilized properties to ProLogis European Properties Fund II.

The proceeds were offset by $30.7 million related to the company's share of fund loan rebalancing, ProLogis noted.

Meanwhile, the company projects it will generate about $62.7 million in gross proceeds from the sale of another property and fund contributions from one that has yet to be completed.

ProLogis shares fell 42 cents, or 3.7 percent, to $11.01 on Tuesday.