News release
ProLogis European Properties sells UK portfolio
for €180.3 million
Luxembourg - 8 February 2012 - ProLogis European Properties (Euronext: PEPR), one of Europe's largest owners of modern distribution facilities, announced today that it has sold ten UK logistics assets for a total of €180.3 million (£150.9 million). Proceeds from the sale will be used to further deleverage the business.
The disposal comprises 231,650 square metres in ten fully-leased buildings located in the Midlands and North-East of the UK.
Peter Cassells, chief executive officer of PEPR, commented: "We are pleased to have owned the bulk of these assets since our formative years. During that time, we have successfully created value through refurbishment and subsequent letting activity. This disposition is in line with our objectives to actively manage the portfolio to optimise value, through focusing on core assets and locations where we have critical mass."
This transaction is part of the wider UK portfolio disposition agreed between Prologis, Inc. (NYSE: PLD) and Blackstone, one of the world's leading investment and advisory firms.
-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.
ProLogis European Properties sells UK portfolio
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Source: ProLogis European Properties via Thomson Reuters ONE
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