ProLogis Closes on $123 Million of Portfolio Refinancings for Two ProLogis Property Funds
October 13 2009 - 5:00PM
PR Newswire (US)
DENVER, Oct. 13 /PRNewswire-FirstCall/ -- ProLogis (NYSE:PLD), a
leading global provider of distribution facilities, announced today
that it has closed on $123 million of secured financings for two of
its property funds. The first is a seven-year, $52.5 million
secured financing with a major life insurance company on behalf of
ProLogis California Fund. The financing has a 6.60 percent interest
rate, a loan-to-value of approximately 50 percent and is secured by
11 industrial properties located in the LA Basin. The proceeds were
used to refinance outstanding debt, and with this refinancing, the
fund has addressed debt maturities into 2014. The second, as
announced earlier by ProLogis European Properties Fund (Euronext:
PEPR), is a euro 48 million ($70.5 million), five-year, secured
financing with a German Landesbank that is secured by four
properties in Sweden. The proceeds from this financing were used to
refinance outstanding debt. "We continue to aggressively address
fund debt maturities. So far this year, we have successfully
addressed, refinanced or paid off $2.2 billion of 2009 and 2010
fund debt maturities, including virtually one hundred percent of
$1.4 billion of 2009 maturities," said William E. Sullivan, chief
financial officer. About ProLogis ProLogis is a leading global
provider of distribution facilities, with more than 475 million
square feet of industrial space (44 million square meters) in
markets across North America, Europe and Asia. The company leases
its industrial facilities to more than 4,500 customers, including
manufacturers, retailers, transportation companies, third-party
logistics providers and other enterprises with large-scale
distribution needs. For additional information about the company,
go to http://www.prologis.com/. DATASOURCE: ProLogis CONTACT:
investor relations, Melissa Marsden, +1-303-567-5622, ; or media,
Krista Shepard, +1-303-567-5907, , both of ProLogis; or financial
media, Suzanne Dawson of Linden Alschuler & Kaplan, Inc,
+1-212-329-1420, , for ProLogis Web Site: http://www.prologis.com/
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