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DENVER-ProLogis Trust has acquired a competitor in Europe for$581 million (298 million pounds). The locally based developer ofdistribution facilities says it has acquired the industrialbusiness of Parkridge Holdings, as well as a 25% interest in itsnon-industrial real estate operations, for a mix of cash and commonstock.

The transaction gives ProLogis ownership of several assetsacross Europe, including an 800-acre industrial land bank in theUnited Kingdom capable of supporting 15 million sf of newdevelopment; Astral, Parkridge's UK logistics development business,which has under construction 10 projects totaling 5.2 million sf;recently launched operations in Western Europe; and a 50% interestin a Central European logistics development JV with 5.2 million sfbuilt and 4.5 million sf under construction.