Denver-based ProLogis has paid approximately $106 million for four distribution centers located in the UK, France and Italy.
The fully-leased properties, totaling more than 1.1 million square feet of space, were acquired through the firm’s ProLogis European Properties Fund II, which was launched in 2007. ProLogis raised €3 billion for the Europe-focused vehicle in 2007. Last month ProLogis European Properties, the logistics company ProLogis took public in 2006, invested €33 million into the vehicle.
The ProLogis Park Coventry, located in the UK, comprised 327,000 square feet. The property is currently leased to heavy-equipment manufacturer Terex.
The deal also included two properties located in Paris: a 308,000-square-foot facility located 35 kilometers northwest of downtown Paris, and a 215,000-square-foot facility located 45 kilometers southeast of Paris. Both properties are leased to French companies. A 276,000-square-foot distribution center located 50 kilometers south of Milan, Italy, also was included in the acquisition. The building is leased to Italian third-party logistics provider Valtidone Immobiliare.
ProLogis European Properties Fund II currently has 118 buildings, totaling 30 million square feet, located in 11 European countries.