Luxembourg - 2 April 2012 - ProLogis European Properties (Euronext: PEPR), one of Europe's largest owners of modern distribution facilities, announces today that it has sold eight logistics assets across Poland and Germany for a total of €71.8 million. Net proceeds from the sale will be used to further deleverage the business.
The disposal in Poland, to privately owned real estate firm Hines Global REIT, comprises approximately 73,000 square metres in five buildings, which are 93% occupied, located in Warsaw and Bedzin. The aggregate sales price for the Polish portfolio was €51.2 million.
The disposal in Germany, to pan-European real estate investment manager Tristan Capital Partners, comprises just over 36,000 square metres in three fully occupied buildings, two of which are located in Saarwellingen, in Western Germany, and one in Malsfeld in Northern Germany. The aggregate sales price for the German portfolio was €20.6 million.
Both transactions, completed in line with market values, were part of the wider German and Polish portfolio disposals between Prologis, Inc. (NYSE: PLD) and Tristan Capital Partners and Hines Global REIT respectively.
Peter Cassells, chief executive officer of PEPR, commented: "These disposals are fully aligned with our active portfolio management strategy designed to optimise value for our unitholders through investment in core assets in prime locations."