Dutch pension fund APG has agreed to sell its 12% stake in Prologis European Properties (PEPR) after Denver-base ProLogis raised its offer for the Amsterdam-listed company to EUR 6.20.

The move ends a takeover battle unleased last month by a consortium led by APG and Sydney-based Goodman. The new Prologis bid marks an increase of EUR 0.10 over the American company's original counteroffer which came in response to a bid of EUR 6 by the APG-led consortium in mid-April. In a press statement, APG confirmed the consortium would not be submitting any further offers.

Following the submission of APG's shares and those of an affiliate of the Government of Singapore Investment Corporation, Prologis now holds a stake of about 60% in PEPR, the Denver-based company said in a statement. The raised bid, which has been extended until 18 May, marks a 24% premium over PEPR's closing price on the Amsterdam Stock Exchange on 12 April, the day before APG mounted its takeover bid.

'At the increased price, two of PEPR's significant investors today have chosen to sell their units,' said Walter C. Rakowich, Prologis CEO, said on Friday. 'Prologis remains committed to its European platform and strongly believes the successful completion of its tender offer is in the best interests of both PEPR and Prologis investors and provides all PEPR unitholders with substantial, certain and immediate value.'

Prologis' raised price excludes any accrued and unpaid preferred dividend, APG said in a statement. 'Taking into account the unique circumstances and history of PEPR as an externally managed listed fund, APG is pleased with this outcome, and believes accepting Prologis' revised, higher cash offer is in the best interest of APG's clients.'