Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, April 12, 2011

ProLogis rejects bid for ProLogis European Properties

ProLogis , a U.S.-based owner of warehouses and distribution facilities, rejected an unsolicited bid for its ownership stake in ProLogis European Properties (PEPR) from an investor group. ProLogis, which is being acquired by rival AMB Property Corp , said it plans to retain its ownership in and management deal with PEPR, one of the largest owners of distribution properties and services in Europe. In a letter received by ProLogis on March 31, APG Algemene Pensioen Groep NV and Goodman Group had expressed an interest on behalf of an unnamed consortium to buy ProLogis' 33.1 percent stake in PEPR for 378 million euros ($545.7 million), ProLogis said in response to a media statement by the investor group. The offer values PEPR at 1.14 billion euros.