Thomas L. Gallagher | Feb 22, 2010 10:26AM EST
ProLogis signed lease agreements for three of its sites as it announced new investment in European logistics.
The global provider of distribution facilities said last Tuesday it plans to buy additional shares in ProLogis European Properties, a Luxembourg closed-ended investment fund. ProLogis currently holds approximately 24.8 percent of PEPR’s outstanding ordinary units and manages its assets.
ProLogis on Wednesday last week leased a total of 628,153 square feet of distribution space at three European sites. The company leased 402,000 square feet at ProLogis Park Kettering to the Oxford University Press. It leased another 69,000 square feet at ProLogis Park Heathrow to an international catering company. PEPR completed a lease agreement for 157,153 square feet at Schiphol DC4 in the Netherlands to GE Energy Europe.
“In our view, PEPR’s unit price does not fully reflect the significant progress made over the past 14 months to manage through the downturn,” said Walter C. Rakowich, ProLogis chief executive officer.
Contact Thomas L. Gallagher at tgallagher@joc.com.
