Prologis, Inc., the leading global owner, operator and developer of industrial real estate, today announced that Prologis European Properties Fund II (PEPF II) has received new capital commitments of €450 million ($610 million) after opening to new investors for the first time.
Investor demand exceeded the offering amount and fundraising closed ahead of its mandated period. In September, PEPF II accepted final capital commitments to reach the €450 million ($610 million) equity cap for the offering, which includes €125 million ($167 million) of additional capital committed by Prologis. Approximately 70 percent of the equity came from new investors. Subsequent to the raise, almost half of the €450 million has been deployed into acquisitions from Prologis and third parties.
“The strength of the equity raise reflects the fund’s high-quality offering and the attractiveness of the European logistics market,” said James W. Green, managing director, global client relations, Prologis. “European logistics asset values are poised for sustainable growth with favorable supply/demand imbalances and positive rental growth expectations.”
As of June 30, 2013, PEPF II owned more than 220 properties covering 5.2 million square meters (55.5 million square feet) across 12 European countries.
Source : Company