J.P. Morgan Chase and ABN AMRO have launched Pan-European Industrial Properties Series 1 SA (PEIP), the third pan-European commercial mortgage-backed security (CMBS). PEIP will issue EURO210 million bonds structured in one tranche, rated triple-A by Standard & Poor's. It follows the Europa One deal, which closed in March 2000, and the Europa Two deal which closed in April 2001. The bonds are secured on distribution facilities in France, the Netherlands and the United Kingdom. Prologis Trust, a U.S. real estate investment trust selected, developed and leased the following sites in the three countries:

*eight tenancies in France, providing 13% of the rent;

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