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ProLogis Closes ProLogis European Properties Fund II Financing
- Proceeds Used to Pay Down Warehouse Line -
DENVER, Nov. 4 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), a leading global provider of distribution facilities, announced today it has completed a euro 41.4 million financing on behalf of ProLogis European Properties Fund II (PEPF II). Proceeds from the financing were used to pay down PEPF II's warehouse line of credit.
A European bank based in Austria provided the five-year loan that is secured by a portfolio of six assets in Poland, representing a 52 percent loan-to-value.
"With this financing, we have demonstrated our access to debt capital in the central European region with one of the few new secured real estate loans to be completed there during 2009. We also established a new lending relationship and are pleased that lenders continue to be attracted to the strong and stable cash flows generated by ProLogis' assets," said William E. Sullivan, ProLogis' 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 www.prologis.com.
SOURCE ProLogis