ProLogis European Properties completes the sale of remaining one-third investment in ProLogis European Properties Fund II
12/02/2009
ProLogis European Properties (Euronext: PEPR), Europe’s
largest owner of modern distribution facilities, announced today
the completion of the sale of its remaining investment and future
commitment to ProLogis European Properties Fund II (PEPF II) to six
institutional investors, in line with the announcement made on 10
February 2009.
Gross proceeds of €14.4 million in addition to the elimination
of €174m of future commitments implies a 28% discount to
December 2008 investment value. This disposal, combined with the
sale of the initial two-thirds stake in PEPF II in December 2008,
decreases PEPR’s ownership in PEPF II to zero. Overall, the
disposal of the entire position relieves PEPR of the obligation to
fund further investments of €522 million in PEPF II before
August 2010.
Net proceeds of both disposals will be used to reduce debt in line
with the strategic initiatives outlined by PEPR in December.
M3 Capital Partners acted as exclusive financial adviser and
placement agent to PEPR.
-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. 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
(NYSE: PLD), the world’s largest owner, manager and developer
of industrial distribution properties.
As at 31 December 2008, PEPR has a portfolio of 246 buildings,
covering 5.2 million square metres in 11 European countries, with a
net open market value of €3.4 billion. The portfolio has
an occupancy level of 97.3% and an average of 4.0 years to the next
lease break or 6.1 years to lease expiry.
Q2/HY 2010 financial results
View Second Quarter and Half Year 2010 Financial Results Webcast
22 July 2010
