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.”
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.
