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«ProLogis European Properties, Europe’s largest owner of modern distribution facilities, announced today that it has invested a further €42 million into ProLogis European Properties Fund II (PEPF II), a private equity fund established by ProLogis (NYSE: PLD) to acquire assets from ProLogis’ development pipeline in Europe and conforming assets from third-parties. This investment, entirely funded from existing credit facilities, combined with the 29 May investment of €28.2 million is in line with PEPR’s target to invest €60 - 80 million per quarter into PEPF II. PEPR’s gross investment in PEPF II has increased to €295.2 million of its anticipated overall €900 million investment and maintains PEPR’s 30% ownership.
ProLogis has contributed 10 modern distribution facilities into PEPF II, covering 323,600 square metres in seven European countries, with third-party appraised values totalling €212.8 million gross (€200.3 million net), representing a 6.8% yieldon investment. These facilities are less than one year old on average, 99.6% occupied by pan-European customers such as Continental & Bridgestone, Tesco and Unilever and have 7.9 years to lease expiry or 7.0 years to first lease break on average.
Following this acquisition, PEPF II’s portfolio consists of 93 buildings, covering 2.2 million square metres in 11 European countries. This brings PEPR’s combined portfolio to 340 buildings and some 7.5 million square metres of space in 12 European countries.
Gordon Keiser, chief executive officer, commented “We are pleased with the continued growth of our combined portfolio, especially during a period of relatively few open market transactions in the industrial real estate sector. We believe this investment in modern, well located distribution facilities enables us to enhance our relationships with major pan-European customers and is accretive to earnings for our investors.”». (CS della Società)
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