Real estate investment firm Prologis has selected Apex Group to provide full depositary and transfer agency services to its flagship logistics fund.
The Prologis European Logistics Fund (PELF), domiciled in Luxembourg is Europe’s largest opened-ended logistics funds valued at €10.6 billion across 12 countries.
The fund will be serviced by Apex Group’s Luxembourg-based subsidiary, European Depositary Bank (EBD), the former asset servicing business of M.M Warburg.
“This is a significant endorsement of our depositary and transfer agency capabilities through EDB. The heart of the Apex Group is found in its personal relationships with clients, our ethos hinges on operating as an extension of our client’s own teams. Prologis recognised the value of this, alongside our robust banking, depositary and custody solutions,” said David Rhydderch, global head of financial solutions, Apex Group.
It is the first major mandate for the new Luxembourg-based business of Apex after it completed the integration of the Warburg business in February, giving it enhanced depositary and custody capabilities.
A statement from Apex said it was selected by the Prologis because of its presence in Europe and end-to-end service in Luxembourg.
“Apex demonstrated a clear understanding of our fund structure and investing requirements, enabling them to tailor their solutions to uniquely support us. They brought a truly market-leading and pragmatic approach, which has been quickly and seamlessly integrated. This collaboration will enable PELF to further drive efficiencies,” added Gert-jan Meerkerk, head of Prologis Luxembourg.