Independent journal on economy and transport policy
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APG and Goodman have introduced a proposal for the acquisition of ProLogis European Properties that is rejected by the ProLogis group
The objective is 100% of the ordinary quotas PEPR
April 13, 2011
Dutch APG Algemene Pensioen Groep N.V., than takes care of pension plans collectives and manages APG Strategic Real Estate Pool (APG), and the Goodman group, that it develops and it manages industrial and logistic pieces of real estate, has introduced an indicative and not binding informal proposal for the acquisition of ProLogis European Properties (PEPR), society that is participated by the American group ProLogis and that it is between main the possessory ones of logistic centers of distribution and in Europe.
APG and Goodman have explained that they are estimating, with a group of investor animated from the same intentions, the possibility to introduce an offer turn cash to the acquisition of 100% of the ordinary quotas PEPR.
Such proposal is rejected by the ProLogis group, that it stops 33.1% of the capital stock of PEPR. The group American has explained that the manifestation of interest advanced from the group of investor includes numerous conditions, between which the complete satisfaction of the procedure of two diligence, and assigns to the quota ProLogis a value of 378 million euros (6 euros per.share). Moreover the proposal previews the transfer of the rights of management of PEPR from ProLogis to Goodman.
"ProLogis - the managing director of the American group has declared, Walter C. Rakowich - does not have intention or desire to sell own participation in PEPR. Moreover we do not have some intention to yield or to abandon the PEPR management. The PEPR value always has been indissolubly legacy to the active property and management of ProLogis".
However the ProLogis group has declared own availability to continue with APG an argument on a series of alternatives times to increase the PEPR value.
Remembering that PEPR is quoted on the list Euronext Amsterdam with a capitalization of market of a billion of euro and that stops a pocketbook of 232 assets in Europe in the field of the logistics, Goodman has confirmed that the proposed transaction cannot be put into effect without the support of ProLogis. Moreover Goodman has specified that the indicative proposal is formulated by a small consortium of investor guided from APG and Goodman and that, at the moment, is previewed that Goodman stops in the consortium an interest of about 25%. Moreover Goodman is selected as operating partner of the consortium.
APG and Goodman have emphasized of being still disposed to estimate the transaction with ProLogis even if this last one has up to now rejected the proposal and has specified that they preview that a proposal documented in exaustive way would have to be ready within 6 or 8 weeks with the full collaboration of ProLogis, ProLogis Sarl Management and of the independent administrators of the board of directors of PEPR.
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Dutch APG Algemene Pensioen Groep N.V., than takes care of pension plans collectives and manages APG Strategic Real Estate Pool (APG), and the Goodman group, that it develops and it manages industrial and logistic pieces of real estate, has introduced an indicative and not binding informal proposal for the acquisition of ProLogis European Properties (PEPR), society that is participated by the American group ProLogis and that it is between main the possessory ones of logistic centers of distribution and in Europe.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
