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| ProLogis European Properties sells assets for €119.5 million ProLogis European Properties, Europe's largest owner of modern distribution facilities, announced that it has signed sale and purchase contracts with Curzon Capital Partners II, the Core Plus fund of AEW Europe, a leading European real estate investment manager, on a portfolio of seven distribution warehouses in The Netherlands and Germany, for gross proceeds of €119.5 million. The sale is expected to close in tranches over the next six to eight weeks. The portfolio comprises some 229,000 square metres of distribution warehouse space at three locations in The Netherlands (Bergen op Zoom, Haaften and Rotterdam) and four locations in Germany (Neumarkt, Peine, Soest and Straubing). The sale price reflects a discount of 6.4% to December 2008 valuations. Net proceeds from the sale will be used to reduce outstanding debt, including a portion of the €373.8 million Commercial Mortgage Backed Security maturing in May 2010. write your comments about the article :: © 2009 Construction News :: home page |