Prologis, the global industrial property specialist, has begun the formal process of winding up its listed and externally managed fund which owns more than EUR 2 bn of assets in Europe. Prologis indicated it will take ownership of the Prologis European Properties (PEPR) properties and assume responsibility for its liabilities rather than seek a cash payment for its shares.
Prologis, the global industrial property specialist, has begun the formal process of winding up its listed and externally managed fund which owns more than EUR 2 bn of assets in Europe. Prologis indicated it will take ownership of the Prologis European Properties (PEPR) properties and assume responsibility for its liabilities rather than seek a cash payment for its shares.
The New York-listed company owns 99.5% of the shares in PEPR after emerging victorious last year in a battle with Dutch pension fund APG, the second largest shareholder at the time, for control of the fund. APG, Singapore sovereign wealth fund GIC and other shareholders sold their shares to Prologis.
During PEPR's annual general meeting on 27 June, Prologis voted for a resolution to wind up PEPR and appoint the current management company as liquidator. The fund's listing on Euronext Amsterdam will be cancelled.
PEPR was founded in 1999 and listed in 2006.
The fund reported an IFRS loss of EUR 21 mln for the first quarter of 2012. The results were influenced by the sale of 18 non-core assets in the UK, Germany and Poland in three transactions for a total of EUR 255 mln. PEPR said it had EUR 2.5 bn of assets under management at end-March 2012.
