As of March 31, 2015, PEPF
II owned 298 properties covering 70.
As of December 31, 2013, PEPF
II owned 250 properties covering 62.
As of June 30, 2013, PEPF
II owned more than 220 properties covering 5.
7) million of gross proceeds from the contribution of a build-to-suit property to PEPF
II upon completion later in the quarter and the sale of a second build-to-suit property to a third party upon completion at a pre-committed value.
Both PEPR and PEPF
II are well positioned with no debt maturities until 2012.
8 million square feet of space were contributed to PEPF
II for total proceeds of 539 euro($734) million.
ProLogis' expanded ownership interest in PEPF II's high-quality properties at an attractive price will yield greater current income to ProLogis.
We believe this offers the best solution to PEPR's near-term liquidity issues, while also offering ProLogis shareholders the prospect of enhanced shareholder returns through increased ownership in PEPF II and future upside from this portfolio of fully leased, recently developed European industrial facilities," Rakowich added.
Following the close of the transaction, ProLogis will own 37 percent of PEPF II units, comprising its previous 17 percent direct ownership stake and the 20 percent purchased from PEPR.
ProLogis is contractually obligated to maintain a 20 percent interest in PEPF II.
The principal use of the credit facility will be to repay short-term debt and to finance PEPF II's future acquisition of recently developed properties from ProLogis as well as third-party property acquisitions.
This borrowing capacity in PEPF II supports the contribution of our stabilized European properties into the fund and further enhances the fund's financial flexibility allowing it to continue to capitalize on growth opportunities across Europe.