02/04/2012
Luxembourg - ProLogis European Properties (Euronext: PEPR),
one of Europe's largest owners of modern distribution
facilities, announces today that it has sold eight
logistics assets across Poland and Germany for a total of
€71.8 million. Net proceeds from the sale will be used to
further deleverage the business.
The disposal in Poland, to privately owned real estate firm
Hines Global REIT, comprises approximately 73,000 square
metres in five buildings, which are 93% occupied, located
in Warsaw and Bedzin. The aggregate sales price for the
Polish portfolio was €51.2 million.
The disposal in Germany, to pan-European real estate
investment manager Tristan Capital Partners, comprises just
over 36,000 square metres in three fully occupied
buildings, two of which are located in Saarwellingen, in
Western Germany, and one in Malsfeld in Northern Germany.
The aggregate sales price for the German portfolio was
€20.6 million.
Both transactions, completed in line with market values,
were part of the wider German and Polish portfolio
disposals between Prologis, Inc. (NYSE: PLD) and Tristan
Capital Partners and Hines Global REIT respectively.
Peter Cassells, chief executive officer of PEPR, commented: "These disposals are fully aligned with our active portfolio management strategy designed to optimise value for our unitholders through investment in core assets in prime locations."
-Ends-
For further information, please contact:
Investor relations
Jennifer Crooke
+44 207 518 8708
jcrooke@prologis.com
Media
M:Communications
Charlotte McMullen
+44 20 7920 2349
mcmullen@mcomgroup.com
About ProLogis European Properties (PEPR)
ProLogis European Properties, or PEPR, is one of the
largest pan-European owners of high quality distribution
and logistics facilities. PEPR was established in 1999 as a
closed-end, real estate investment fund, externally managed
by a subsidiary of Prologis, Inc., a leading global
provider of industrial distribution facilities. In
September 2006, PEPR was listed on Euronext Amsterdam.
As at 31 December 2011, PEPR has a portfolio of 220
buildings, covering 4.7 million square metres in 11
European countries, with a market value of €2.6 billion.
The portfolio has an occupancy level of 94.4% and an
average of 2.8 years to the next lease break or 3.7 years
to lease expiry.
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| This press release was issued by Prologis European Properties and was initially posted at http://www.prologis-ep.com/pepr/media/releases/2012/02042012/ . It was distributed, unedited and unaltered, by noodls on 2012-04-02 08:40:04 AM. The issuer is solely responsible for the accuracy of the information contained therein. |