Prologis European Properties (PEPR) has invested EUR 51 mln in Prologis European Properties Fund II (PEPF II), a private equity vehicle established to acquire assets from Prologis' EUR 3 bn development pipeline of distribution facilities in Europe. The new investment increases PEPF's share in the fund to EUR 133 mln of the anticipated total investment of EUR 900 mln and maintains the Amsterdam-listed company's stake in the fund at 30%.

Prologis European Properties (PEPR) has invested EUR 51 mln in Prologis European Properties Fund II (PEPF II), a private equity vehicle established to acquire assets from Prologis' EUR 3 bn development pipeline of distribution facilities in Europe. The new investment increases PEPF's share in the fund to EUR 133 mln of the anticipated total investment of EUR 900 mln and maintains the Amsterdam-listed company's stake in the fund at 30%.

In a statement on Tuesday, PEPR said the fund has acquired three buildings covering 66,000 m2 in the UK from a third party while Prologis, the New York-listed parent company of PEPR, has contributed 288,000 m2 in 14 buildings in Poland and the UK - two of PEPR's target markets. PEPR said the buildings have been independently valued at EUR 357.4 mln and are fully occupied. The properties are on average 30 months old and the leases run for an average of 8.6 years until expiry.

Robert Watson, CEO of PEPR, commented: 'We are pleased to be able to continue to grow our combined platform across Europe with the investment in these modern distribution facilities in Poland and the UK. Of the 17 buildings, three are located within existing ProLogis parks owned by PEPR, increasing critical mass in our markets and expanding relationships with our core customers.'