ProLogis Intends to Increase Ownership Stake in ProLogis European Properties
February 16 2010 - 2:05AM
PR Newswire (US)
DENVER, Feb. 16 /PRNewswire-FirstCall/ -- ProLogis (NYSE:PLD), a
leading global provider of distribution facilities, announced today
that it intends to purchase additional Ordinary Units carrying
voting rights of ProLogis European Properties, a Luxembourg
closed-ended investment fund (Euronext: PEPR), in the open market
or in privately negotiated transactions. ProLogis currently holds
approximately 24.8 percent of PEPR's outstanding Ordinary Units.
"In our view, PEPR's Unit price does not fully reflect the
significant progress made over the past 14 months to manage through
the downturn," said Walter C. Rakowich, ProLogis chief executive
officer. "During this time, we have worked diligently to strengthen
PEPR's financial condition, maintain PEPR's strong occupancy and
optimize the earnings power of its high quality assets. We will
continue to manage PEPR in a way that maximizes value, and we
intend to increase our ownership, as we believe PEPR Units
represent an attractive investment opportunity for ProLogis." At
this time, ProLogis does not intend to increase its equity
ownership of PEPR beyond 33.33 percent of Ordinary Units carrying
voting rights, a level which would trigger a mandatory tender offer
for the remaining PEPR Units under Luxembourg law. About ProLogis
ProLogis is a leading global provider of distribution facilities,
with more than 475 million square feet of industrial space (44
million square meters) in markets across North America, Europe and
Asia. The company leases its industrial facilities to more than
4,400 customers, including manufacturers, retailers, transportation
companies, third-party logistics providers and other enterprises
with large-scale distribution needs. For additional information
about the company, go to http://www.prologis.com/. About PEPR PEPR
is one of the largest pan-European owners of high quality
distribution and logistics facilities. It was listed on Euronext
Amsterdam in September 2006 and is externally managed by ProLogis
Management S.a r.l, a wholly owned subsidiary of ProLogis.
DATASOURCE: ProLogis CONTACT: Investors, Melissa Marsden of
ProLogis, +1-303-567-5690, mobile, +1-720-339-7425, ; or Financial
Media, Suzanne Dawson of Linden Alschuler & Kaplan, Inc,
+1-212-329-1420, , for ProLogis Web Site: http://www.prologis.com/
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