DLA Piper advises Prologis on largest-ever sale of logistics real estate assets in the UK

DLA Piper has advised global leader in logistics real estate Prologis, Inc. on the sale of a portfolio of buildings and land in the UK to real estate funds managed by Blackstone for GBP473 million (US$618 million).

The disposition represents the largest sale of logistics real estate assets on record in the UK. The majority of the assets were acquired from Liberty Property Trust upon Prologis’ acquisition of the company in February 2020.

The portfolio comprises approximately 4.3 million square feet of buildings and approximately 31 acres of consented development land across England.

The US-based DLA Piper team was led by partner Andrew Weil (Chicago), assisted by partners Cristina Houston (Wilmington), Lisa Jacobs (Philadelphia) and Matthew Gorra (Baltimore) and associates Brendan Kelly and Shailynne Swain (Philadelphia).

The DLA Piper London-based team was led by partners Rob Salter and Robert O'Hanrahan, assisted by senior associate Darryl Rodrigues and associates Tim Harding, Tom Johnson, Emily Garland and Aaron Jenkins. Other team members included partners Katie Jacobson and Christopher Chan; senior associate Matt Davies; and associates Karen Hird and Chloe Townsend.

Corporate counsel Ambroise Foerster, senior associate Gersende Masfayon and associate Jordan Reinert from DLA Piper’s Luxembourg office also provided advice on the transaction.