PEPR sells Polish and German portfolios for €71.8 million (PL/DE)

ProLogis European Properties (Euronext: PEPR), one of Europe's largest owners of modern distribution facilities, announces 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 m² 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 m² 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 optimize value for our unitholders through investment in core assets in prime locations."

Source: M:Communications

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