In June 2001, Arcapita entered into a series of joint ventures with ProLogis Trust (“ProLogis”) to acquire US industrial distribution facilities. ProLogis Second acquired a portfolio of 34 industrial distribution facilities with an average lease length of six years. The portfolios were sold in January 2006 to a strategic buyer. Headquartered in Denver, Colorado, ProLogis is a leading global provider of integrated distribution facilities and services throughout North America and Europe. ProLogis was responsible for property management, leasing and maintenance functions for the properties.