Prologis plans to consolidate two European funds
Prologis has announced the consolidation of two European property funds: Europe Logistics Venture 1, a joint venture with Allianz, and Prologis Targeted Europe Logistics Fund, a pan-European core open-end fund.
“Combining PTELF and ELV1 benefits all parties involved,” said Gary Anderson, CEO of Prologis Europe and Asia, in a statement. “Allianz meets its investment objective by deploying more capital in European logistics real estate. Existing investors in PTELF benefit from improved scale, a stronger balance sheet and greater liquidity. And Prologis further streamlines its strategic capital business.”
Under the terms of the transaction, PTELF will acquire ELV1, which has a real estate value of €571 million ($611 million), 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. Prologi