News release
ProLogis European Properties concludes £64.4 million
UK asset sale
Luxembourg - 1 July 2009 - ProLogis European Properties (Euronext:
PEPR), Europe's largest owner of modern distribution facilities,
announced today that it has closed on the sale of five distribution
facilities in the UK, generating net proceeds of £64.4 million.
The purchaser is an affiliate of Harbert European Real Estate Fund
II, L.P. and Harbert European Real Estate Fund II (Parallel), L.P.
(collectively, "Harbert"). The 79,692 square metre (857,800 square
feet) portfolio comprises five distribution warehouses in various
locations throughout the UK, with a remaining average lease length of
approximately 10 years.
Following the sale of these five buildings, ProLogis European
Properties continues to own 39 distribution warehouses in the UK,
which are leased to a variety of global customers.
In addition, ProLogis European Properties has received ¤92.2 million
in proceeds from the sale of the portfolio of distribution warehouses
in The Netherlands and Germany to AEW Europe, as announced 12 May
2009. Proceeds from the remaining tranche of the AEW sale are
expected early in the third quarter.
Simon Nelson, head of asset management, said: "This latest sale
demonstrates the continued momentum of our current deleveraging
strategy and our ability to execute transactions successfully in what
remains a relatively slow market. The sale price is in line with
current valuations and the disposal of these standalone assets is
consistent with PEPR's long-term business plans for its UK portfolio.
The proceeds from both sales will be used to reduce outstanding
debt".
-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.
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
