ProLogis Closes on Euro 622 Million of Financings for European Property Funds
January 22 2010 - 3:00AM
PR Newswire (US)
DENVER, Jan. 22 /PRNewswire-FirstCall/ -- ProLogis (NYSE:PLD), a
leading global provider of distribution facilities, announced today
that over the past four weeks it has completed four financings for
its European property funds, totaling euro 622 million. The four
financings have a weighted average coupon of 4.91 percent. Three,
four-year financings, resulting in euro 441 million of funding,
were completed for ProLogis European Properties (Euronext: PEPR).
They have loan-to-value ratios of between 50 and 55 percent and are
secured by assets located in Germany, Belgium, France, Italy,
Spain, Poland and the United Kingdom. The largest component of
these financings is a euro 300 million Pan-European, syndicated
loan with six European lenders, arranged by Goldman Sachs, which
was one of the largest loans of this kind done in the European real
estate sector since 2008. ProLogis also completed a euro 181
million financing for ProLogis European Properties Fund II, the
largest single-lender mortgage financing completed in Europe since
the fall of 2008. This financing is secured by 22 assets in France
and has a loan-to-value ratio of 60 percent. "With these
financings, we have reduced 2010 maturities within the two funds to
under euro 336 million - significant progress from the euro 1.8
billion we were faced with as of December 31, 2008. With the
capital transactions in progress and available liquidity within the
funds, we are comfortable with our ability to address the remaining
maturities in the near future," said William E. Sullivan, ProLogis'
chief financial officer. "The European financing market continues
to demonstrate its diversity and resilience, as we are able to
complete transactions with a wide spectrum of lenders at attractive
rates." 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: Investors,
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., +1-212-329-1427, ,
for ProLogis Web Site: http://www.prologis.com/
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