Real Estate Group ProLogis Plans Public Offering

DES MOINES, Iowa (AP) — ProLogis, a real estate investment trust, said Tuesday it intends to sell 115 million common shares in a public offering.

Denver-based ProLogis said it plans to use the proceeds from the sale to reduce debt and for general corporate purposes. The company currently has about 267.6 million shares outstanding.

Some of the joint bookrunners and their respective affiliates are lenders and agents under the company's line of credit and will receive a portion of the proceeds of the offering. The company plans to grant the underwriters a 30-day option to purchase up to 17.25 million additional shares to cover overallotments, if any.

Shares fell $1.04, or 13 percent, to close earlier at $6.82.

ProLogis specializes in leasing distribution facilities to manufacturers, retailers, transportation companies and other enterprises.