PEPR to offer up to ?97.5 million of new ordinary units
(Thomson Reuters ONE) -
This news release is not a prospectus and is not an offer of securities for
sale, or the solicitation of an offer to buy securities, in the United States or
in any other jurisdiction. The securities mentioned in this news release have
not been and will not be registered pursuant to the US Securities Act of 1933,
as amended. They cannot be offered or sold in the United States absent
registration or an exemption from registration. No public offer of the
securities has been or will be made in the United States.
This news release may contain certain forward-looking statements. These forward-
looking statements involve certain risks and uncertainties that could cause
actual results to differ materially from those indicated in such forward-looking
statements. The company assumes no obligation to update any forward-looking
statement contained in this news release.
News release
PEPR to offer up to ?97.5 million of new ordinary units
Luxembourg - 24 August 2011 - ProLogis European Properties (Euronext: PEPR), one
of Europe's largest owners of modern distribution facilities, announced today
that it will offer up to ?97.5 million of new Ordinary Units.
The offering comprises the issue of up to 15,725,000 new Ordinary Units on a pro
rata basis to existing holders of Ordinary Units that are known to the
Management Company and hold a stake in excess of 1% of the Ordinary Units. The
Ordinary Units will be offered at ?6.20 per unit, equal to the recent tender
offer price and a 10.1% premium to PEPR's IFRS net asset value per ordinary unit
as at 30 June 2011. The offer is expected to commence on 29 August 2011 and end
on 2 September 2011.
Prologis, Inc. (NYSE: PLD) has provided an irrevocable undertaking to subscribe
to the offer in relation to its 92.6% holding in PEPR and to increase its
subscription to up to 100% of the offer depending upon the take-up of new
Ordinary Units by other Unitholders. Net proceeds of the offering will be used
to accelerate deleveraging of the business, resulting in a significant
improvement in PEPR's financial metrics. PEPR's pro-forma loan-to-value ratio
will decrease to 47.8% from 51.1% as at 30 June 2011. Following completion of
the offer, PEPR intends to continue to retain distributable cash flow for the
foreseeable future to further delever the business to a more conservative level.
Peter Cassells, chief executive officer of PEPR commented "Over the last three
years, we have taken numerous steps to delever the business, including selling
assets, issuing preferred equity and retaining distributable cash flow. This
offering will enable us to further strengthen our balance sheet, in line with
our stated objective to return to an investment grade credit rating. Against
this backdrop, the Management Company and the PEPR Board have concluded that the
issue of new Ordinary Units is in the best interests of PEPR and all its
Unitholders."
A supplement to the prospectus dated 13 November 2009 as amended by the
supplements dated 23 August 2010 and 1 November 2010 (the "Prospectus") that
sets out, amongst other changes to the Prospectus, the terms of the offer, has
been approved by the Commission de Surveillance du Secteur Financier and will be
made available on PEPR's website, www.prologis-ep.com.
-Ends-
For further information, please contact:
Investor relations
Jennifer Crooke
+44 207 518 8708
jcrooke(at)prologis.com
Media
M:Communications
Charlotte McMullen
+44 20 7920 2349
mcmullen(at)mcomgroup.com
About ProLogis European Properties (PEPR)
ProLogis European Properties, or PEPR, is one of the largest pan-European owners
of high quality distribution and logistics facilities. PEPR was established in
1999 as a closed-end, real estate investment fund, externally managed by a
subsidiary of Prologis, Inc., a leading global provider of industrial
distribution facilities. In September 2006, PEPR was listed on the Luxembourg
Stock Exchange and Euronext Amsterdam.
PEPR has a portfolio of 232 buildings, covering 4.9 million square metres in 11
European countries, with a market value of ?2.8 billion as at 30 June 2011. The
portfolio has an occupancy level of 93.2% and an average of 3.3 years to the
next lease break or 5.2 years to lease expiry.
Notice
This document does not constitute an offer to sell, or the solicitation of an
offer to acquire or subscribe for, securities of PEPR.
The securities of PEPR have not been and will not be registered under the US
Securities Act of 1933, as amended (the "Securities Act"). Accordingly, the
securities of PEPR may not be offered or sold in the United States absent
registration or an applicable exemption from registration under the Securities
Act. No public offering of the securities of PEPR is being made in the United
States.
No communication or information relating to any offer or sale of securities of
PEPR may be disseminated to the public in jurisdictions where prior registration
or approval is required for that purpose.
The release, publication or distribution of this announcement in certain
jurisdictions may be restricted by law and therefore persons in such
jurisdictions into which this announcement is released, published or
distributed, should inform themselves about, and observe such restrictions.
This announcement does not constitute a prospectus. Any offer to acquire
securities pursuant to a proposed offering will be made, and any investor to
whom the offering will be made should make his investment, solely on the basis
of information that is contained in the supplement to the prospectus.
PEPR to offer up to ?97.5 million of new ordinary units :
http://hugin.info/139145/R/1540629/471047.pdf
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originality of the information contained therein.
Source: ProLogis European Properties via Thomson Reuters ONE
[HUG#1540629]
Unternehmensinformation / Kurzprofil:
Datum: 24.08.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 58623
Anzahl Zeichen: 6999
contact information:
Town:
Luxembourg
Kategorie:
Business News
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