ProLogis is a leading global provider of distribution facilities and owns more facility space in Hungary than any other company. If Goodman purchased ProLogis’ european units, it would take over the market in Hungary.
The “non-binding” proposal from APG and Goodman was in fact rejected by ProLogis prior to their statement to investors on Monday. “ProLogis has no intent or desire to sell its interest in PEPR. Additionally we have no intention of selling or relinquishing the management of PEPR,” stated CEO of ProLogis, Walter C. Rakowich.
Still, APG and Goodman hope to have an acceptable proposal which “could be ready” in just 6-8 weeks, while assuming “full cooperation” from ProLogis’ side.
APG and Goodman’s decision to make such acquisitions public, comes at an interesting time as ProLogis and AMB Property Corporation are set to merge.
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