Prologis Announces Consolidation Of Its Europe Logistics Venture

(RTTNews) - Prologis Inc. (PLD), the global leader in logistics real estate, said that it will consolidate its Europe Logistics Venture 1 or "ELV1", a joint venture with Allianz, with its Prologis Targeted Europe Logistics Fund or "PTELF", a pan-European core open-end fund.

As per the terms of the transaction, PTELF will acquire ELV1, real estate value of 571 million euros and will integrate its assets into the PTELF portfolio.

As part of the transaction, ELV1 has acquired an additional asset from Prologis and Allianz has purchased Prologis' 15 percent stake in ELV1. Prologis will also receive net cash proceeds of approximately 183 million euros. With the addition of Allianz, the Fund will have approximately 40 investors, including Prologis.

Prologis currently owns and operates approximately 178 million square feet in 731 buildings across the European market.