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Old Fart Plays Santa Claus, Blew Away Another %1.3B. FXXX The Old Bastood!

makapaaa

Alfrescian (Inf)
Asset
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR class=msghead><TD><TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR class=msghead><TD class=msgF noWrap align=right width="1%">From: </TD><TD class=msgFname noWrap width="68%">madmansg <NOBR></NOBR> </TD><TD class=msgDate noWrap align=right width="30%">12:12 pm </TD></TR><TR class=msghead><TD class=msgT noWrap align=right width="1%" height=20>To: </TD><TD class=msgTname noWrap width="68%">ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 1) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft width="1%" rowSpan=4> </TD><TD class=wintiny noWrap align=right>4269.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>our CPF all gone !!
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The Denver-based company said it expects the transaction for the Chinese properties will close in January, pending certain conditions. ProLogis expects to lose about 4 percent to 6 percent of the book value of the assets, which include some properties still under construction, interests in joint ventures and one property fund.
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ProLogis sells Chinese unit, Japan stake for $1.3B
Tuesday December 23, 7:55 pm ET
ProLogis selling Chinese operations, remaining stake in Japanese funds for $1.3 billion
NEW YORK (AP) -- Industrial real estate investment trust ProLogis said Tuesday it has agreed to sell its Chinese operations and the remaining stake in its Japanese property funds to a Singapore government-owned real estate company for $1.3 billion in cash.
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The Denver-based company said it expects the transaction for the Chinese properties will close in January, pending certain conditions. ProLogis expects to lose about 4 percent to 6 percent of the book value of the assets, which include some properties still under construction, interests in joint ventures and one property fund.
Proceeds from the sale will be used to reduce debt.
The company expects its order backlog will be cut by about $1 billion, including costs to complete projects in China.
ProLogis has a current investment of $348 million in the Japanese funds, or a stake of about 20 percent. Singapore-based GIC Real Estate already has an 80 percent stake.
ProLogis will also receive about $140 million from the sale of a building in Japan.
"Selling our China operations and our investment in the Japan funds was not an easy decision; however, this represents a major milestone in the implementation of the plan we outlined last month to strengthen the company's balance sheet in order to meet the challenges of the current environment," said Chief Executive Walter C. Rakowich in a statement.
In November, ProLogis announced a series of steps to cut debt and improve liquidity. This deal accelerates that plan, the company said.
Shares of ProLogis rose 94 cents, or 10.3 percent, to close at $10.10 Tuesday. The stock has ranged from $2.20 to $66.58 over the past year.
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