Prologis, the world's largest owner, manager and developer of distribution facilities, is close to completing the EUR 800 mln purchase of John Cutts' Parkridge, in what it said to be Europe's biggest industrial property takeover, newspaper Property Week has reported.
Prologis, the world's largest owner, manager and developer of distribution facilities, is close to completing the EUR 800 mln purchase of John Cutts' Parkridge, in what it said to be Europe's biggest industrial property takeover, newspaper Property Week has reported.
The deal is expected to be signed on Friday and that Parkridge's chairman and ceo John Cutts will subsequently assume a non-executive role on Prologis' European board.
The move will enable the US distribution facilities company to increase its exposure in eastern Europe, where Parkridge has assets for EUR 1.25 bn spread across the Czech Republic, Hungary, Poland, Slovakia, and Russia. Parkridge is also active in western Europe.
Parkridge is a private development company whose activities cover industrial warehousing, logistics parks, retail warehousing, shopping centres, mixed-use schemes, residential and leisure developments. Its portfolio consists of a total of one million m2.
