ProLogis European Properties invests a further €91m in PEPF

The listed European company has taken another step on the way to investing a total of €900 million in the distribution facilities private equity real estate vehicle, PEPF.

ProLogis European Properties, the industrial investor listed on Euronext, has invested a further €91 million ($143 million) in ProLogis European Properties fund II (PEPF).

Private equity vehcile PEPF was established by Denver-based ProLogis last August to acquire assets from ProLogis’ development pipeline in Europe as well as assets from third-parties.

The latest investment by ProLogis European Properties increases its gross commitment in PEPF II to €225 million out of an anticipated overall total of €900 million, according to a statement.

Robert Watson, chief executive officer of ProLogis European Properties, said: “We believe the opportunity afforded by our investment to date of €225 million in PEPF II’s €1.4 billion and growing portfolio, in just over six months, exceeds what could have been achieved through direct investment on the open market.”

ProLogis European Properties is a organized as a closed-ended fonds commun de placement externally managed by a subsidiary of ProLogis and listed on Amsterdam's Euronext stock exchange in 2006.

PEPF garnered a total of €3 billion commitments from 21 investors last year. CPP Investment Board, which invests the assets of the Canada Pension Plan, and an afiilliate of GIC Real Estate, the real estate investment arm of the Government of Singapore, were among the limited partners.