The management company of Prologis European Properties (PEPR) has accepted Prologis' revised offer of EUR 6.20 per ordinary unit, despite maintaining it was 'inadequate from a financial point of view'.

The independent members of the PEPR board and the managers of the management company intend to accept the offer for the ordinary units, while the managers of the management company are rejecting the EUR 6.20 offer for convertible preferred units.

PEPR's management noted that Dutch pension asset manager APG and the Government of Singapore Investment Corporation, the second and third latest unitholders in PEPR, had already accepted the revised offer. Prologis had initially offered EUR 6.10 per unit to forestall a bid launched in April by APG and the Goodman Group to take control of PEPR.

PEPR said Prologis' revised offer could represent a 'liquidity event' for other unitholders who felt PEPR's risk-return profile was not in line with their investment objectives, or that Prologis' increased holding in PEPR might affect the future market liquidity of the units.

New York-listed distribution property giant Prologis meanwhile announced on Thursday that it now directly or indirectly holds 63% of PEPR's ordinary units and 91% of the preferred units.

Prologis established PEPR as an externally managed real estate investment fund in 1999 and it was subsequently listed in Amsterdam. The fund now owns a portfolio of 232 distribution properties, valued at EUR 2.8 bn, in 11 countries.