ProLogis has confirmed its $1.03bn (£530m) purchase of John Cutts’ rival industrial developer Parkridge
As revealed by Property Week, the world’s leading shed developer has bought out Cutts for the second time in a deal that includes a 25% stake in Parkridge’s mixed-use and retail warehousing business.
The deal will secure ProLogis more than 800 acres (326 ha) of development land in the UK including Astral Developments and its 10 schemes totalling 5.2m sq ft (483,091 sq m). There is also a central Europe logistics development joint venture totalling around 15m sq ft (1.3m sq m) at various stages of completion.
ProLogis chief executive Jeffrey Schwartz said: ‘This transaction further extends our leadership position as the largest provider of distribution facilities in Europe.
‘It enables us to expand our presence in existing and target markets through acquisition of one of our top competitors in European industrial development. Additionally, it strengthens our land bank in central Europe and the UK, while enhancing our team with some of the industry’s top real estate professionals.’
Cutts is to join ProLogis as vice-chairman of Europe. He will remain chairman and chief executive officer of Parkridge retail.
He said: ‘The remainder of the Parkridge business, including retail, retail warehousing, offices and leisure, will benefit greatly from the equity provided by the transaction, and we look forward to a period of strong growth across Europe.’