ProLogis European Properties completes the sale of remaining
one-third investment in ProLogis European Properties Fund II
News release
ProLogis European Properties completes the sale of remaining
one-third investment in ProLogis European Properties Fund II
Luxembourg - 12 February 2009 - ProLogis European Properties
(Euronext: PEPR), Europe's largest owner of modern distribution
facilities, announced today the completion of the sale of its
remaining investment and future commitment to ProLogis European
Properties Fund II (PEPF II) to six institutional investors, in line
with the announcement made on 10 February 2009.
Gross proceeds of ¤14.4 million in addition to the elimination of
¤174m of future commitments implies a 28% discount to December 2008
investment value. This disposal, combined with the sale of the
initial two-thirds stake in PEPF II in December 2008, decreases
PEPR's ownership in PEPF II to zero. Overall, the disposal of the
entire position relieves PEPR of the obligation to fund further
investments of ¤522 million in PEPF II before August 2010.
Net proceeds of both disposals will be used to reduce debt in line
with the strategic initiatives outlined by PEPR in December.
M3 Capital Partners acted as exclusive financial adviser and
placement agent to PEPR.
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), the world's largest owner,
manager and developer of industrial distribution properties.
As at 31 December 2008, PEPR has a portfolio of 246 buildings,
covering 5.2 million square metres in 11 European countries, with a
net open market value of ¤3.4 billion. The portfolio has an
occupancy level of 97.3% and an average of 4.0 years to the next
lease break or 6.1 years to lease expiry.
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
