ProLogis European Properties (Euronext: PEPR), Europe's largest owner of modern distribution facilities, announces 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 174 million 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.
Source: M:Communications
