P & O makes logistics acquisition in the USA

LONDON (AFX) – Peninsular & Oriental Steam Navigation Company said its P&O
Cold Logistics (POCL) unit has agreed to buy certain refrigerated logistics assets from ProLogis for 70 mln usd.

POCL will acquire eight cold storage facilities in California and two in Texas, totalling approximately 50 mln cubic feet, as well as a significant
distribution capability.
The assets are being acquired as part of a joint bid with Atlas Cold Storage
USA Inc. Completion of the transaction is expected by the end of October. The deal will make POCL the fourth largest operator of refrigerated warehouses in the US.
P&O said the acquisition further consolidates POCL’S presence in the US,enabling it to build on the strong positions it already enjoys in California and Texas. At 10.43 am shares in P&O were up 1/4 pence at 166-1/4. The stock has come off a 2002 high of 289-3/4.