Prologis, CBRE form joint venture to develop U.K. logistics properties

Prologis U.K. Logistics Venture will be 85 percent owned by CBRE clients and 15 percent owned by Prologis.    The logistics real estate firm Prologis, and a division of the real estate investment management firm CBRE Global Investors have formed a new development venture in the United Kingdom.
   Known as the Prologis U.K. Logistics Venture (UKLV), it will focus on “prime U.K. markets in the East and West Midlands, London and the Southeast,” according to a Prologis press release.
   UKLV will acquire land, develop buildings, and operate and hold logistics real estate.
   CBRE clients will own 85 percent of the joint venture, while Prologis will own the remaining 15 percent. The deal is expected to close at the end of February.
   The joint venture “will be seeded with a 7.6 million square foot portfolio of stabilized properties, developments in progress and land, with an initial closing of approximately 3.9 million square feet,” the release said.