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APG, Goodman Offer €1.2B For ProLogis
Dutch pension fund manager, APG, has partnered with Australian property company, Goodman, to bid €1.2 billion for warehouses developer, ProLogis European Properties.
Dutch pension fund manager, APG, has partnered with Australian property company, Goodman, to bid €1.2 billion for warehouses developer, ProLogisEuropean 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.
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