Prologis Inc. combined two European real estate funds to create an €8.2 billion open-ended investment vehicle subsequent to the third quarter.
Prologis European Logistics Fund was created through the merger of Prologis Targeted Europe Logistics Fund and Prologis European Properties Fund II and spans an aggregate 106 million square feet across 12 countries.
S&P Global Ratings issued the new fund a credit rating of A-, according to the release.
Prologis Targeted Europe will transfer its assets to Prologis European Logistics after the end of the third quarter in exchange for units. The fair market value of each fund as of Sept. 30 will be the basis of the exchange.
Prologis said the merger was not a liquidity event, as it will retain its present ownership and hold 26% of the combined entity.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.