ProLogis European Properties invests ¤33.0 million into ProLogis
European Properties Fund II
News release
ProLogis European Properties invests ¤33.0 million into ProLogis
European Properties Fund II
Luxembourg - 25 September 2008 - ProLogis European Properties
(Euronext: PEPR), Europe's largest owner of modern distribution
facilities, announced today that it has invested a further ¤33.0
million into ProLogis European Properties Fund II (PEPF II), a
private equity fund established by ProLogis (NYSE: PLD) to acquire
assets from both ProLogis' development pipeline in Europe and from
third-parties. This investment, entirely funded from cash in hand,
increases PEPR's gross investment in PEPF II to ¤347.7 million and
maintains PEPR's 30% ownership in the fund.
PEPF II acquired 11 modern distribution facilities, covering 313,000
square metres in France (4), Germany (2), Italy (1), Poland (1) and
the UK (3), with values totalling ¤247.7 million gross (¤236.7
million net), representing a 7.3% yield on investment. Four buildings
were acquired from third-parties, in France (2), Italy (1) and the UK
(1), at yields in line with the independent appraisal values on the
seven assets contributed from ProLogis' development pipeline. The
facilities are 2 years old on average, 100% leased by industry
leading customers such as Kuehne & Nagel, Schenker and Terex and have
9.6 years to lease expiry or 6.4 years to first lease break on
average.
Following this acquisition, PEPF II's portfolio consists of 118
buildings, covering 2.8 million square metres in 11 European
countries. This brings PEPR's combined portfolio to 364 buildings and
some 8.0 million square metres of space in 12 European countries.
Gordon Keiser, chief executive officer, commented "We are pleased to
be able to continue to grow our combined platform across Europe and
to strengthen our industry leading occupancy. Eight of the 11
buildings, including two third-party assets, are adjacent to existing
PEPR or PEPF II assets or are located within existing ProLogis parks,
increasing critical mass in our markets and expanding relationships
with our core customers."
-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, the world's largest owner, manager and
developer of industrial distribution properties.
As at 30 June 2008, PEPR has a portfolio of 340 buildings, owned both
directly and indirectly, covering 7.5 million square metres in 12
European countries, with an open market value estimated at ¤5.6
billion. The combined portfolio has an occupancy level of 97.9% and
an average of 5.0 years to the next lease break or 6.8 years to lease
expiry. Of the combined portfolio, PEPR's directly owned properties
comprise 247 buildings, covering 5.2 million square metres in 11
European countries, with an open market value estimated at ¤3.9
billion.
