ProLogis European Properties

1997 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009

When ProLogis, a leading global provider of distribution facilities, first decided to enter the European market it was in response to changing global distribution patterns. Europe was at the forefront of this shift as borders opened up and companies were able to pursue regional or pan-European distribution networks, as opposed to the former country-by-country approach.

As this change in distribution patterns began to drive demand for larger, more modern facilities in new locations across Europe, ProLogis recognised the huge potential for investment and in 1999 ProLogis European Properties, or PEPR, was born. Since then, PEPR has widened its geographic spread across Europe, growing its portfolio by acquiring newly developed and leased properties from ProLogis and sourcing strategic acquisitions, steadily increasing PEPR’s income and generating strong cash flows.

This timeline takes you through PEPR's growth.

1997

First property acquired by ProLogis in Europe.

1999

Formation of ProLogis European Properties (PEPR), raising €1.05 billion equity.

Initial portfolio of assets comprise 12 properties, covering over 207,000 square metres, in France, The Netherlands and the UK.

At the end of the year, the portfolio comprises 18 properties, covering 312,000 square metres, in three European countries and valued at €267.8 million.

2000

PEPR consolidates its position in France, The Netherlands and the UK and expands its reach into Belgium, Poland and Spain.

At the end of the year, PEPR’s portfolio comprises 104 properties, covering 1.3 million square metres, in six European countries and valued at €904.4 million.

2001

Launch of the first pan-European commercial mortgage backed security (“CMBS”) €213.8 million.

PEPR expands into Germany and Italy, taking PEPR’s geographic coverage across eight European countries.

At the end of the year, PEPR’s portfolio comprises 141 properties, covering 2.1 million square metres, in eight European countries and valued in excess of €1.5 billion.

2002

PEPR continues to grow the portfolio and expands into three more European countries: The Czech Republic, Hungary and Sweden.

Launch of the second pan-European CMBS €356.0 million.

€250 million line of credit arranged with Banc of America.

At the end of 2002, PEPR’s portfolio comprises 193 properties, covering 3.3 million square metres, in 11 European countries and valued at €2.4 billion.

2003

Launch of the third pan-European CMBS €190.5 million.

Line of credit extended to €500 million with co-arrangers ABN AMRO and Banc of America.

ProLogis European Properties Fund raises €637 million equity.

At the end of the year, PEPR’s portfolio comprises 198 properties, covering 3.7 million square metres, in 11 European countries and valued at €2.4 billion.

2004

An active year with an additional 32 buildings added to the portfolio.

At the end of the year, the portfolio stood at over €3 billion, comprising 230 buildings, covering almost 4.5 million square metres in 11 countries.

2005

Completion of the fourth pan-European CMBS €389.0 million

At the end of the year, PEPR’s portfolio comprises 263 properties, covering 5.0 million square metres, in 11 European countries and valued at €3.6 billion.

2006

An active year culminating in the IPO of ProLogis European Properties on Euronext Amsterdam on 22 September 2006.

Credit facility extended to €800 million.

At the end of the year, PEPR’s portfolio comprises 277 properties, covering 5.4 million square metres, in 11 European countries and valued at €4.2 billion.

2007

Acquisition of 16 facilities for €234 million.

Moody’s Investor Services assigns PEPR an A3 credit rating.

Redemption of two CMBS - €200.6 million of Pan European Industrial Properties Series I S.A. 2011 and €144.0 million of France Industrial Properties No I S.A. 2012.

€425 million disposal of portfolio of assets in France at a significant premium to net asset value.

Commitment to invest €900 million over the next three years in ProLogis European Properties Fund II ('PEPF II'), a private equity fund sponsored by ProLogis.

Debut issue of €500 million unsecured bond, representing PEPR's first issuance of unsecured notes.

New €900 million senior unsecured credit facility arranged through a syndicate of 19 banks led by Banc of America Securities LLC and ABN Amro Bank, N.A.

At the end of 2007, PEPR’s portfolio comprises 247 properties, covering 5.2 million square metres, in 11 European countries and valued at €4.1 billion.

2008

Disposal of 23,300 square metres of land in Zaandam, north of Amsterdam for €4.6 million, a modest premium to NAV.

Disposal of older, 12,800 square metre facility near Milan for €6.4 million. Including the lease surrender premium received, the total proceeds represented a 14% premium to NAV.

Execution of strategic initiatives to address liquidity concerns, including the suspension of future dividends for the foreseeable future.

Disposal of two-thirds investment and future commitment in PEPF II for €43.7 million, saving PEPR €348 million of future equity commitments.

At the end of the year, PEPR’s portfolio comprises 246 properties, covering 5.3 million square metres, in 11 European countries and valued at €3.4 billion.

2009

Disposal of remaining one-third investment and future commitment in PEPF II for €14.4 million, saving PEPR €174 million of future equity commitments.

Disposal of a portfolio of nine stand-alone distribution facilities in The Netherlands and Germany for €119.5 million, a 6.4% discount to December 2008 valuation.

Disposal of five UK facilities for £64.4 million, a 3.6% discount to June 2009 valuations.

New four-year £86 million secured bank loan arranged with Eurohypo AG.

Three-year maturity extension for €126 million secured bank loan arranged with Deutsche Pfandbriefbank AG (formerly Hypo Real Estate)

Present

PEPR’s directly owned portfolio comprises 232 properties, covering 4.9 million square metres, in 11 European countries and valued at €3.0 billion.

History