Prologis, the global distribution specialist, has announced that it held 89% of the ordinary units and voting rights in Amsterdam-listed fund, Prologis European Properties (PEPR) at the close of a mandatory tender offer on Wednesday.

New York-listed Prologis launched the takeover offer in April this year to forestall moves led by Dutch pension group APG, then the second largest shareholder in PEPR, and Australia's Goodman Group to wrestle control of the European fund.

APG, GIC and other shareholders including the PEPR management team, ultimately accepted an improved offer made by Prologis of EUR 6.20 per unit.

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.