{"id":1004164325,"date":"2017-01-17T04:39:55","date_gmt":"2017-01-17T12:39:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004164325"},"modified":"2022-12-08T15:12:50","modified_gmt":"2022-12-08T23:12:50","slug":"prologis-merges-2-european-funds","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prologis-merges-2-european-funds\/","title":{"rendered":"Prologis Merges 2 European Funds"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

San Francisco\u2014<\/strong>Prologis Inc. just made its first major move in Europe this year. The San Francisco-based global logistics real estate company revealed that it will merge Europe Logistics Venture 1, a joint venture involving Germany’s Allianz, with its Prologis Targeted Europe Logistics Fund. PTELF will acquire ELV1 in a transaction valued at more than $611 million (\u20ac571 million).<\/p>\n

\"Trausch,<\/a>

Fran\u00e7ois Trausch, CEO of Allianz Real Estate<\/p><\/div>\n

Established in 2011, ELV1 boasts a portfolio sited in high-growth, high barrier markets in Germany, France and the Netherlands. The properties will be incorporated into PTELF, a pan-European core open-end fund launched in 2007. However, there will be no disadvantageous overlapping to contend with in this union; ELV1\u2019s assets are primarily complementary to the PTELF portfolio.<\/p>\n

Per terms of the agreement, Allianz acquired Prologis\u2019 15 percent stake in ELV1, and Prologis pocketed approximately \u20ac183 million of net proceeds–in cash. The joining of the two European funds marks a bolstering of the partnership between Prologis and Allianz in a win-win situation all around. \u201cAllianz 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,\u201d Gary Anderson, CEO, Prologis Europe and Asia, said in a prepared statement.<\/p>\n

According to Prologis\u2019 third quarter supplementary report, the logistics property owner and developer owns a 28.7 percent interest in PTELF. Allianz will become the fund’s largest investor.<\/p>\n

“By contributing ELV1, its prior and successful joint venture with Prologis into PTELF, Allianz will gain exposure into a larger, more liquid portfolio with greater diversity, at a time when the industry is also consolidating,” Fran\u00e7ois Trausch, CEO of Allianz Real Estate, noted in prepared remarks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Prologis Targeted Europe Logistics Fund will acquire a joint venture involving Germany’s Allianz in a deal valued at more than $611 million.<\/p>\n","protected":false},"author":969,"featured_media":1004164328,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,16,21783,21742],"tags":[33498,32956],"class_list":["post-1004164325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-international","category-investment","category-latest","tag-europe-logistics-venture-1","tag-prologis"],"acf":[],"yoast_head":"\nPrologis Merges 2 European Funds - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/prologis-merges-2-european-funds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prologis Merges 2 European Funds\" \/>\n<meta property=\"og:description\" content=\"Prologis Targeted Europe Logistics Fund will acquire a joint venture involving Germany's Allianz in a deal valued at more than $611 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/prologis-merges-2-european-funds\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-01-17T12:39:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:12:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Francois-Trausch-Allianz-Real-Estate-courtesy-of-Allianza.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/prologis-merges-2-european-funds\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/prologis-merges-2-european-funds\/\",\"name\":\"Prologis Merges 2 European Funds - 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