27/11/2007
Luxembourg – 27 November 2007 – ProLogis European Properties (Euronext: PEPR), Europe’s largest owner of modern distribution facilities, announced today that it has invested €51.0 million into ProLogis European Properties Fund II (PEPF II). This investment, entirely funded from existing credit facilities, increases PEPR’s investment in PEPF II to some €133 million of its anticipated overall €900 million investment and maintains PEPR’s ownership at 30%.
PEPF II has acquired 3 buildings, covering 66,000 square metres in the UK, from a third-party and ProLogis (NYSE: PLD) has contributed 288,000 square metres in 14 buildings in Poland and the UK, two of ProLogis European Properties’ target markets. These buildings are independently valued at €357.4 million (gross), are fully occupied, 2.5 years old on average and have 8.6 years to lease expiry or 8.5 years to first lease break on average.
Robert Watson, chief executive officer, commented “We are pleased to be able to continue to grow our combined platform across Europe with the investment in these modern distribution facilities in Poland and the UK. Of the 17 buildings, 3 are located within existing ProLogis parks owned by PEPR, increasing critical mass in our markets and expanding relationships with our core customers.”
To view the full press release, including portfolio data, click here (44KB)
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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