Gleiss Lutz advises ProLogis on the sale of a logistics portfolio
Gleiss Lutz has advised the logistics property developer ProLogis European Properties (PEPR) on the sale of a logistics portfolio with a transaction value of around EUR 137 million. The buyer is Curzon Capital Partners III, a fund managed by Tristan Capital Partners. The transaction will be closed in two stages, the first of which has already been completed.
The portfolio covers more than 240,000 m2 of rentable space, consisting of six logistics centres and two logistics parks with an additional development potential of 37,000 m2 in total, owned by 17 Dutch entities. The properties are located in six strategically important German logistics hubs (Malsfeld, Saarwellingen, Leipzig, Herbrechtingen, Neuenstadt and Herford).
Gleiss Lutz advised ProLogis extensively on the transaction, which was structured as a share deal. The team consisted of: Dr. Bernhard Busch (real estate), Dr. Patrick Kaffiné (corporate/M&A, both partners, Frankfurt, both lead), Dr. Burghard Hildebrandt (partner, state aid, Düsseldorf), Dr. Philipp Naab (real estate, Frankfurt), Dr. Frithjof Behrens (corporate/M&A, Frankfurt), Antonia Harbusch (competition/antitrust, Frankfurt), Dr. Jacob von Andreae (state aid, Düsseldorf) and Nina Eberhardt (real estate, Frankfurt).
ProLogis European Properties, based in Luxembourg, is one of the largest pan-European owners of distribution and logistics facilities. In 2006, PEPR was listed on Euronext Amsterdam. Gleiss Lutz has advised ProLogis on various real estate deals in the past. The firm also assists ProLogis in the development and leasing of logistics sites in Germany.