Wragge & Co LLP Corporate Real Estate Team has completed a trio of cross-border deals worth $1.03 billion for European real estate developer Parkridge.

The first deal saw Parkridge sell its industrial development business to ProLogis. Under this deal, ProLogis acquires assets including a UK industrial land bank comprising more than 800 acres, UK logistics development business Astral, and Parkridge's 50 per cent interest in a Central European industrial warehouse fund in Poland, Hungary, the Czech Republic and Slovakia.

In the second deal, ProLogis acquired a 25 per cent stake in Parkridge's mixed-use and retail warehousing development business. A simultaneous third transaction saw Parkridge's joint venture partner sell its 50 per cent share in the industrial warehouse fund to ProLogis for $449 million.

Partners Stephen Braithwaite and Peter Smith led the Wragge & Co team supported by director Sharon Ayres and real estate partner Phil Clissitt. Claire Hughes and Sarah Gill provided employment advice while Ian Ilersic advised on finance matters. The team worked alongside Parkridge chairman and CEO John Cutts and chief operating officer Alan Stainforth.

Stephen Braithwaite said: "This is important, international work and we're very pleased Parkridge chose us to handle it. These landmark transactions bring together two major names, with ProLogis taking ownership of high-quality assets across Europe and Parkridge benefiting from the equity provided by the transaction. It's a strong endorsement of Wragge & Co's reputation for corporate real estate work."

John Cutts said: "We've worked with the Wragge & Co team before and knew that they'd pull out all the stops for us. These were large, complicated deals and the team delivered an excellent and dedicated service."

Parkridge is a private development company specialising in shopping centre, logistics parks, housing, office and leisure developments and investment across the UK and Europe. Wragge & Co has a longstanding relationship with the company. Corporate and real estate specialists have previously advised Parkridge on setting up its Central European industrial warehouse fund and a Central European retail fund valued at €750 million.

ProLogis is the world's largest owner, manager and developer of distribution facilities. Listed on the New York stock exchange, it has operations in 80 markets across North America, Europe and Asia, and $26.7 billion of assets owned, managed and under development. Linklaters partner William Buckley advised ProLogis.

With 17 corporate partners and 27 real estate partners supported by the firm's wider full service resource, Wragge & Co has a strong reputation for corporate real estate deals. Highlights include The Peabody Fund's sale of Cutlers Gardens Estate for over £400 million, the merger of Fuller Peiser LLP's property services business with Atisreal, Miller Group's £264 million acquisition of Fairclough Homes and Sanctuary Housing Group's acquisition of Ashley Homes.

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For further information about this press release, contact Kathryn Hobbs on +44 (0)121 213 2397, Alexa Highfield on +44 (0)121 213 2396 or Matthew Purcell on +44 (0)121 213 2360

This press release may contain information of general interest about current legal issues, but does not give legal advice.