Business Services Industry
ProLogis makes bid for trust.
Australasian Business Intelligence, April, 2007
Byline: Robert Harley
Apr 17, 2007 (The Australian Financial Review - ABIX via COMTEX) -- US industrial property group ProLogis wants to buy back assets it sold to an Australian-listed trust managed by Macquarie Bank. It has offered $A1.43 a unit for Macquarie ProLogis Trust (MPLT), valuing it at $A1.24bn. The price is actually a 32 per cent premium to the trust's net tangible assets. MPLT, established in 2002, has consistently underperformed, with yields around six to eight per cent. It has also lost its right to exclusive access of the ProLogis pipeline. ProLogis, the biggest industrial property group in the world, already owns 11 per cent of the trust. Macquarie is backing the offer.
Publication Date: 18 April 2007
MACQUARIE PROLOGIS TRUST...
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