(Read more on the industrial market.)

DENVER-The locally based industrial REIT ProLogis revealed today that unitholders of the Macquarie ProLogis have signed off on proposals relating to ProLogis’ tender offer for the public units of industrial property trust listed on Australian Securities Exchange.

MPR and ProLogis initiated the deal in April. It call for a ProLogis subsidiary to acquire of all of the units in MPR for a cash consideration of A$1.43 per unit. The offer price values the total equity in MPR at A$1.24 billion.

MPR owns a portfolio of warehouse and distribution centers in the US and Mexico. The portfolio includes 138 properties with an overall average vacancy of less than 3%, according to macquarie.com. ProLogis is the world’s largest owner, manager and developer of distribution facilities, with 2,525 properties totaling 437 million sf owned, managed or under development.

Trading of MPR units will cease on July 2. The official delisting is expected to occur 14 days later. MPR unitholders of record on July 9 will receive a total payment of A$1.43 per unit. In addition, eligible unitholders will receive the June quarter distribution of at least $0.02 per unit and the pro rata September distribution expected to be $0.23 cents per unit.

In morning trading, shares of ProLogis were changing hands for $57.02 apiece, up $0.43 on the day. The 52-week range for the share price is $52.05-$72.08. Units of MPR were trading right around ProLogis tender offer price.

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