Philip Dunne has been appointed as president of the European operations of the combined business of Prologis and AMB. The merged entity, named Prologis, has EUR 8.7 bn of assets under management in Europe covering 13.6 million m[sup]2[/sup].
Philip Dunne has been appointed as president of the European operations of the combined business of Prologis and AMB. The merged entity, named Prologis, has EUR 8.7 bn of assets under management in Europe covering 13.6 million m2.
Prologis is significantly larger than AMB in Europe. At end-December the Denver-based company had a portfolio of 11.9 million m2 across 13 countries in Europe. AMB had 1.1 million m2 of operating properties in Europe at end-December 2010 and another 0.3 million m2 in development properties
The two US listed companies announced the completion of their merger last Friday. The move has created a major industrial property specialist with about $46 bn (EUR 34 bn) of assets under management worldwide. The combined portfolio encompasses 56 million m2 of modern distribution facilities located in key gateway markets and logistics corridors in 22 countries.
The new group will be co-led by Hamid Moghadam, AMB's former CEO, and Walter Rakowich, Prologis' former CEO, through to end-December 2012. At that point Rakowich will retire and Moghadam will become sole CEO.
The company's corporate headquarters will be in San Francisco, and the company's operational headquarters will be in Denver. The European operations will be based in Amsterdam.
