Dutch pension fund manager, APG, has partnered with Australian property company, Goodman, to bid €1.2 billion for warehouses developer, ProLogis European Properties (PEPR), Financial Times reports. APG holds a 12% stake in PEPR, while ProLogis, the U.S. industrial company that founded the group, holds 33%. ProLogis has rejected the offer. In case of a deal, APG and Goodman may take a 25% stake in the resulting company, with the remaining 50% distributed to a consortium of investors. APG, Goodman and a group of major pension and sovereign wealth funds will provide the funding for the takeover. Macquarie Capital Advisers is advising on the deal.
Click here for the story from Financial Times.
Click here for additional coverage from Reuters.