ProLogis is on the verge of completing Europe’s biggest industrial property takeover, with the €800m (£530m) acquisition of John Cutts’ Parkridge
Property Week understands that the deal is expected to be signed on Friday. Parkridge chairman and chief executive Cutts is expected to assume a non-executive role on ProLogis’ European board.
The purchase includes an industrial development programme spanning Europe that has produced approximately 10.7m sq ft (1m sq m) in the last two years, including those of Astral Developments in the UK. From offices in UK, Poland, France, Germany, Italy, Russia, Spain, Hungary and Luxembourg, Parkridge’s developments include predominantly sheds, but also retail warehousing, shopping centres, mixed-use, residential and leisure.
The move will enable ProLogis to expand in eastern Europe, where it does not have a large exposure. Parkridge’s €1.25bn (£830m) industrial development programme includes developments in the Czech Republic, Hungary, Poland, Slovakia, Russia as well as in western Europe.
Neither party would comment.