PEPR signs binding commitments with AEW Europe's CCP II Fund for the sale of a portfolio of assets for €119.5 million
12/05/2009
PEPR signs binding commitments with AEW Europe's CCP II Fund for the sale of a portfolio of assets for €119.5 million
ProLogis European Properties (Euronext: PEPR), Europe’s
largest owner of modern distribution facilities, announced today
that it has signed sale and purchase contracts with Curzon Capital
Partners II, the Core Plus fund of AEW Europe, a leading European
real estate investment manager, on a portfolio of seven
distribution warehouses in The Netherlands and Germany, for gross
proceeds of €119.5 million. The sale is expected to
close in tranches over the next six to eight weeks.
The portfolio comprises some 229,000 square metres of distribution
warehouse space at three locations in The Netherlands (Bergen op
Zoom, Haaften and Rotterdam) and four locations in Germany
(Neumarkt, Peine, Soest and Straubing). The sale price reflects a
discount of 6.4% to December 2008 valuations. Net proceeds from the
sale will be used to reduce outstanding debt, including a portion
of the €373.8 million Commercial Mortgage Backed Security
maturing in May 2010.
Simon Nelson, head of asset management, commented:
“We are pleased to have agreed this transaction at a level
close to NAV within the current economic and global credit market
environment. This demonstrates that there is still good demand for
high quality logistics assets. Proceeds from this sale will be used
to reduce outstanding debt, provide further traction for our
deleveraging initiatives and improve liquidity.”
-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), a leading global provider of industrial distribution
facilities.
As at 31 March 2009, PEPR has a portfolio of 246 buildings,
covering 5.2 million square metres in 11 European countries, with
an estimated net open market value of €3.4 billion. The
portfolio has an occupancy level of 97.0% and an average of 3.9
years to the next lease break or 6.2 years to lease expiry.
Q2/HY 2010 financial results
View Second Quarter and Half Year 2010 Financial Results Webcast
22 July 2010
