Prologis To Acquire European JV For $611M
Joining the wave of European investment, Prologis is set to acquire a joint venture worth upward of $611M.
The JV will be the firm's first major move into Europe this year. Prologis Targeted Europe Logistics Fund will acquire Europe Logistics Venture 1, a JV including the German firm Allianz, Commercial Property Executive reports. The venture includes a portfolio of properties in high-growth, high-barrier markets in France, Germany and the Netherlands.
The merger strengthens the partnership between Prologis and Allianz, with experts saying the assets in each fund complement each other. Once the deal closes Allianz will be the largest investor in PTELF, with Prologis’ Q3 report showing the firm owns a 28.7% stake in the fund. [CPE]