PEPR announces the purchase of units to remunerate non-executive directors and partially finance acquisition in Poland
20/09/2007
20 September 2007 –
Luxembourg – ProLogis European Properties (Euronext:
PEPR), Europe’s largest owner of modern distribution
facilities, announced today that it expects to purchase some
€4.0 million of PEPR units over the next 10 trading
days. Of the total, €0.4 million of these units will be
paid to PEPR’s non-executive directors as part of their
remuneration package. The other €3.6 million units represent
part of the consideration due on completion of the final property
purchase, Wroclaw DC8 in southwest Poland, of the €215.4
million portfolio acquisition from ProLogis (NYSE: PLD) announced
in March 2007.
Robert Watson, chief executive officer of ProLogis European
Properties, commented: "Through this purchase programme, PEPR is
meeting two important objectives, aligning Board compensation in a
meaningful way with PEPR’s performance and satisfying our
obligation to partly pay for the acquisition of Wroclaw DC8 with
units in PEPR in the most effective way.”
The 19,300 square metre building is let to Hi-P, a Singaporean
contract manufacturer on a 20 year lease. The facility is
located in ProLogis Park Wroclaw, adjacent to an existing, fully
let, 18,600 square metre building owned by PEPR. ProLogis
also has an additional six buildings, totalling 127,600 square
metres, in various stages of development in the Park. Upon
stabilisation these additional buildings are anticipated to be
contributed to ProLogis European Properties Fund II in which PEPR
has a 30% equity interest.
ProLogis Park Wroclaw is located 15 km southwest of Wroclaw, in
southwest Poland and 9km from Wroclaw airport, along the E35 road
(Wroclaw-Prague) and close to the main crossroads of the A4, E261
and E67.
-Ends-
For further information, please contact:
Investor relations
ProLogis European Properties +44
20 7518 8708
Jennifer van der Eem, VP Investor Relations
jvandereem@prologis.com
Media
M:Communications +44 20 7153 1523 or 7153 1549
Ed Orlebar / Charlotte McMullen
orlebar@mcomgroup.com /
mcmullen@mcomgroup.com
About ProLogis European Properties (PEPR)
ProLogis European Properties, or PEPR, which listed on Euronext
Amsterdam on 22 September 2006, is the largest pan-European owner
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, the largest U.S. based real estate investment trust that
operates a global network of industrial distribution
properties.
As at the end of June 2007, PEPR owned 293 distribution facilities
covering approximately 5.8 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.
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