Prologis has combined two of its funds to create Prologis European Logistics Fund (PELF), an €8.2bn (£7.3bn) open-ended fund.
Prologis combined Prologis Targeted Europe Logistics Fund (PTELF) and Prologis European Properties Fund II (PEPFII).
The combined portfolios contain assets covering 106m sq ft in total across 12 countries.
Thomas S Olinger, chief financial officer, Prologis, said: “Under the terms of the transaction and subsequent to quarter end, assets of PTELF will be contributed to PELF in exchange for units. The exchange will be based on the fair market value of each fund as of 30 September, 2017.
“The transaction was not a liquidity event for Prologis, as it will retain its current ownership and hold 26% of the combined entity.
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