ProLogis European Properties (PEPR) acquires new distribution centre in Central France
14/12/2006
LUXEMBOURG – 14 December, 2006 – ProLogis European Properties (Euronext: PEPR), today announced that it has acquired a 43,400 square metre distribution centre in Central France.
The newly developed facility is located in the city of Blois, along the A10 Paris-Bordeaux motorway just south of Orleans. It is fully leased under a long-term agreement to the logistics and distribution subsidiary of Redcats, a leading home shopping retailer, and will serve as the primary distribution hub for Redcats’ mail-order line of home furnishings in France. The transaction was completed on behalf of PEPR by ProLogis (NYSE: PLD), the manager of the company.
“We’re very pleased to announce this transaction,” said Robert Watson, chief executive officer of ProLogis European Properties. “The acquired facility is state-of-the-art and represents a strong addition to our European property portfolio, one that will be accretive to overall yields and will provide asset appreciation over time.”
The 43,400 square metre facility was built by IDEC, a local developer. In addition, PEPR is now undertaking a 12,000 square metre expansion of the warehouse at Redcats’ request, which will be completed in the first half of 2007.
When completed, PEPR’s total investment in the 55,400 square metre distribution centre will be approximately €29 million, and is expected to provide an initial yield of 7.47 percent. The lease term is nine years.
Redcats is one of the world’s largest home-shopping retailers. The company has operations in 18 countries and sells products through a portfolio of catalogues, internet sites and specialty stores. Redcats brands include La Redoute in France, Empire Stores in Great Britain and Lane Bryant and Chadwick’s in the United States. In 2005, company turnover totalled approximately €4.4 billion. Redcats is a subsidiary of PPR, a French distributor of luxury and retail products.
Contacts
M:Communications +44 20 7153 1538 or 7153 1523
Sarah Hamilton / Ed Orlebar
hamilton@mcomgroup.com
/
orlebar@mcomgroup.com
About ProLogis European Properties (PEPR)
ProLogis European Properties, or PEPR, which listed on Euronext
Amsterdam on 22 September, 2006, is a leading pan-European owner
and operator of high quality distribution and logistics facilities.
PEPR's portfolio of real estate is located in 25 submarkets within
11 European countries. Established in 1999, PEPR is a real estate
investment fund (organised as a Luxembourg closed-ended fonds
commun de placement) externally managed by a subsidiary of
ProLogis, a leading U.S. based real estate investment trust that
operates a global network of industrial distribution properties
As at the end of September 2006, PEPR owned 275 distribution facilities covering approximately 5.3 million square metres of leasable space. PEPR’s customers are large third party logistic service providers as well as a broad range of companies in the retail and manufacturing sectors.
PEPR results for the quarter and year ended 31 December 2011
PEPR results for the quarter and year ended 31 December 2011 (81KB)
08 February 2012
