Industrial property specialist Prologis announced on Tuesday that its Prologis European Properties Fund II (PEPF II) has received new capital commitments of €450 mln after opening to new investors for the first time.

Industrial property specialist Prologis announced on Tuesday that its Prologis European Properties Fund II (PEPF II) has received new capital commitments of €450 mln after opening to new investors for the first time.

Investor demand exceeded the offering amount and fundraising closed ahead of its mandated period, the Denver-based group said in a statement.

In September, PEPF II accepted final capital commitments to reach the €450 mln equity cap for the offering, which includes €125 mln of additional capital committed by Prologis. Approximately 70% of the equity came from new investors.

Subsequent to the capital raising, the fund has deployed almost half of the €450 mln into acquisitions from Prologis and third parties.

'The strength of the equity raise reflects the fund's high-quality offering and the attractiveness of the European logistics market,' said James W. Green, managing director, global client relations, Prologis. 'European logistics asset values are poised for sustainable growth with favourable supply/demand imbalances and positive rental growth expectations.'

At end-June 2013, PEPF II owned more than 220 properties covering 5.2 million m2 across 12 European countries.