US shed giant ProLogis announced today that it has formed a quartet of funds in Europe, US, Mexico and South Korea with the capacity for over $14bn (£7bn) of logistics investment.
The additions mean ProLogis has agreements in place to support $33bn (£16bn) of assets under management within its funds – more than double the existing $14.2bn (£7bn) of assets under management by the end of the second quarter.
The largest of the funds will be in Europe. Named ProLogis European Fund II, it will be an open-end, infinite life fund with a total capacity of up to E7.5bn (£5bn).
In Mexico, ProLogis has launched the ProLogis MX industrial Fund. This is a close-ended fund with a total expected capitalization of approximately $1.5bn (£700m). It has an initial term of 10 years.
In Korea, ProLogis has launched the ProLogis Korea Fund. This is a close-ended fund expected to have a market capitalization of approximately $500m (£251m). Its initial term is 15 years.
And in the US, ProLogis has formed a fund alongside Citigroup. This will be seeded with138 properties purchased in July when ProLogis acquired the outstanding units of Macquarie ProLogis Trust, a publicly traded fund listed in Australia.