APG, Goodman Offer €1.2B For ProLogis

Dutch pension fund manager,APG, has partnered with Australian property company,Goodman, to bid €1.2 billion for warehouses developer,ProLogis European Properties(PEPR),金融时报》reports. APG holds a 12% stake in PEPR, whileProLogis, the U.S. industrial company that founded the group, holds 33%.

ProLogis has rejected the offer. In case of a deal, APG and Goodman may take a 25% stake in the resulting company, with the remaining 50% distributed to a consortium of investors. APG, Goodman and a group of major pension and sovereign wealth funds will provide the funding for the takeover.Macquarie Capital Advisersis advising on the deal.

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