ProLogis European Properties sells Milan distribution facility
Luxembourg - 7 July 2008 - ProLogis European Properties (Euronext: PEPR), Europe's largest owner of modern distribution facilities, announced today that it has agreed and completed the sale of Zibido DC1, near Milan, Italy, for a gross consideration of €6.4 million, a premium to the December 2007 valuation. The purchaser is Finlema, an Italian manufacturer of personal hygiene products.
The 12,800 square metre distribution facility was built in 1970 and acquired by ProLogis European Properties as part of a portfolio of Italian properties in 2002. Net proceeds from the sale will be used to pay down debt and provide capital for reinvestment.
Gordon Keiser, chief executive officer commented "This transaction demonstrates PEPR's active asset management and our ability to continue to optimise portfolio value in a difficult investment market. The age and smaller size of this building means that it is not consistent with our strategy to own large, modern distribution facilities focused on the needs of major, pan-European customers."
The transaction was completed on behalf of PEPR by ProLogis (NYSE: PLD), external manager of the PEPR portfolio. Jones Lang LaSalle advised ProLogis.
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