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07 August 2020 The on-line newspaper devoted to the world of transports 20:27 GMT+2

April 13, 2011

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Original news
APG and Goodman submitted a proposal for the acquisition of ProLogis European Properties which was rejected by the group ProLogis

The goal is 100% of the ordinary units of PEPR

The Dutch Algemene Pensioen APG Groep NV, which deals with collective pension plans and manages APG Strategic Real Estate Pool (APG), and the Goodman Group, which develops and manages industrial real estate and logistics, have submitted an informal proposal for an indicative non-binding for the acquisition of ProLogis European Properties (PEPR), a company that is owned by ProLogis U.S. group and is among the leading owners of distribution centers and logistics centers in Europe.

APG and Goodman have said they are considering, with a group of investors driven by the same intentions, the ability to make an offer in cash for acquiring 100% of the ordinary units of PEPR.

This proposal was rejected by the group ProLogis, which owns 33.1% stake in PEPR.The American group said that the expression of interest made by the investor group includes a number of conditions, including the complete satisfaction of the due diligence process, the share of ProLogis and assigns a value of 378 million € (6 € per share) . Moreover, the proposal provides for the transfer of management rights of PEPR by ProLogis to Goodman.

"ProLogis - said the CEO of the U.S., Walter C. Rakowich - has no intention or desire to sell its stake in PEPR. In addition, we have no intention of selling or discontinue the operation of PEPR. The value of PEPR has always been inextricably linked to the active ownership and operation of ProLogis'.

However, the group ProLogis has declared its readiness to continue with a discussion of APG on a number of alternatives aimed at increasing the value of PEPR.

Recalling that PEPR is listed on Euronext Amsterdam with a market capitalization of one billion euro and that holds a portfolio of 232 assets in the logistics sector in Europe, Goodman confirmed that the proposed transaction can not be implemented without the support of ProLogis .Goodman also pointed out that the indicative proposal is made by a small consortium of investors led by APG and Goodman, and at the moment, it is expected that Goodman holds an interest in the consortium of about 25%. Goodman also was selected as the operating partner of the consortium.

APG and Goodman stressed that they still wish to consider the transaction with ProLogis though the latter has so far rejected the proposal and stated that they expect a proposal documented in a comprehensive manner should be ready within 6 or 8 weeks with the full cooperation of ProLogis ProLogis Management Sarl and the independent directors of the Board of PEPR.


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