ProLogis invests €42m in ProLogis European fund

The listed European developer that Denver-based ProLogis floated in 2006 is on its way to delivering on a promise to invest €900 million in ProLogis European Properties fund II (PEPF).

ProLogis European Properties, the logistics company that Denver-based ProLogis took public two years ago, has invested a further €42 million ($66 million) in the private equity fund, ProLogis European Properties Fund II (PEPF).

PEPF was established by ProLogis last August to acquire assets from third parties and from its European division which was listed on Amsterdam's Euronext stock exchange in 2006.

The latest investment by ProLogis European Properties is in line with the company’s target to invest €60 million to €80 million in PEPF II each quarter. Its gross investment has increased to €295.2 million of its anticipated overall €900 million investment, maintaining 30 percent ownership of the fund.

PEPF II garnered a total of €3 billion commitments from 21 investors last year. CPP Investment Board, which invests the assets of the Canada Pension Plan, and an afiilliate of GIC Real Estate, the real estate investment arm of the Government of Singapore, were among the limited partners.