The open-end, infinite-life fund is expected to have a total capitalization of approximately $4 billion, including $1.5 billion of third-party equity, ProLogis' 20% equity interest and targeted leverage of 55% to 60%. The Denver-based firm will also contribute the properties it acquired in January 2006 when it purchased the remaining 80% ownership interest in each of ProLogis North American Properties Funds II, III and IV from an affiliate of Arcapita Bank. Jeffrey Schwartz, ProLogis CEO, said, "We are extremely pleased with the significant interest from institutional investors in this new fund - our largest ever third-party equity raise...It also underscores the institutional market's continued strong demand for high-quality, well-located industrial properties."