ProLogis fund mulls €60m share issue

The ProLogis European Properties fund is considering tapping capital markets for €60m in preferred convertible shares as it continues to fight its way out of the financial hole it found itself in at the end of last year. It was just a year ago that share prices in ProLogis (which owns 25% of PEPR) tumbled as fear over the deepening credit crisis punished its high level of debt. The company has frozen new developments and embarked on a debt reduction regime that’s included a freezing of dividend payments. The new shares could be issued by the end of the year. Those interested in the company’s third quarter results can look here.