The real estate investment trust said net proceeds of the GIC transaction will be used to reduce debt. Overall, the company said it expects to record a “modest net loss on the transaction of approximately 4 to 6 percent of the book value of the assets sold.”
In one substantial step, this transaction helps ProLogis de-lever its balance sheet, relieve near-term re-financing pressure and enhance liquidity,” said Walter C. Rakowich, chief executive of ProLogis.
“Selling our China operations and our investment in the Japan funds was not an easy decision,” his statement continued. “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.”
I haven't really followed this company, but it sounds like a lot of "tap dancing" if you ask me.
I prefer it when the chief exec says "things are bad", and this is what we are doing, like Fed Ex did.
But, that's just me.
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