Prologis is to be the sole sponsor of FIBRA Prologis, a real estate investment trust in Mexico.
The Class-A portfolio totals 29.7 million square feet (2.8 million square metres) and includes 177 strategically located logistics and manufacturing facilities in Mexico, of which 61 per cent are located in Prologis' global markets and 39 per cent in its regional markets.
The portfolio will comprise assets from the former Prologis MX Fund LP and Prologis Mexico Fondo Logistico, as well as from Prologis' wholly owned Mexico properties.
FIBRA Prologis will serve as the company's long-term investment vehicle for modern logistics and manufacturing facilities in Mexico. The FIBRA will have a right of first refusal on certain Prologis-developed properties in Mexico.
A wholly owned subsidiary of Prologis will serve as the property and asset manager for FIBRA Prologis.