Prologis European Properties (PEPR)
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Publicatie datum
25 sep 2008 - 09:19
Statutaire naam
Prologis European Properties (PEPR)
Titel
ProLogis European Properties invests €33.0 million into ProLogis European Properties Fund II
Bericht
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.
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