ProLogis European Properties gains A3 investment grade rating from Moody’s
31/05/2007
31 May 2007 – Luxembourg – ProLogis
European Properties (Euronext: PEPR), Europe’s largest owner
of modern distribution facilities, announced today that it has
gained an investment grade rating (A3 with stable outlook) from the
rating agency Moody's Investors Service. In assigning the
rating, Moody's stated that it reflected PEPR’s exclusive
focus on industrial property, at the lower end of the asset-risk
spectrum, its broad tenant base, and PEPR’s large and
geographically diversified portfolio of high-quality distribution
facilities.
Peter Cassells, chief financial officer of PEPR said, "We are
delighted that Moody's has recognised our operational and financial
strength by assigning a strong investment grade credit
rating. This rating will enable us to optimise our debt
strategy by improving financial flexibility and utilising the
credit strength inherent in our portfolio. The ability to
raise future debt more efficiently and so manage gearing levels is
a useful tool to enhance returns for unitholders.”
Moody's highlights PEPR's leading market share, high quality
distribution facilities, conservative asset management policy,
stability and predictability of rental income as well as the
absence of speculative development risks as key rating
considerations. The A3 (stable outlook) rating for ProLogis
European Properties contrasts with the Baa1 (stable outlook) rating
for ProLogis (NYSE: PLD), PEPR’s external manager,
reflecting their different business models, most notably
ProLogis’ extensive development pipeline as compared with
PEPR’s stabilised asset base.
For further information, please contact:
Investor relations
ProLogis European Properties +44
20 7518 8708
Jennifer van der Eem, VP Investor Relations
jvandereem@prologis.com
Media
M:Communications +44 20 7153 1523 or 7153 1549
Ed Orlebar / Charlotte McMullen
orlebar@mcomgroup.com /
mcmullen@mcomgroup.com
About ProLogis European Properties (PEPR)
ProLogis European Properties, or PEPR, which listed on Euronext
Amsterdam on 22 September 2006, is a leading pan-European owner of
high quality distribution and logistics facilities.
PEPR's portfolio of real estate is located in 25 submarkets within
11 European countries. Established in 1999, PEPR is a real
estate investment fund (organised as a Luxembourg closed-ended
fonds commun de placement) externally managed by a subsidiary of
ProLogis, the largest U.S. based real estate investment trust that
operates a global network of industrial distribution
properties.
As at the end of March 2007, PEPR owned 292 distribution facilities
covering approximately 5.7 million square metres of leasable
space. PEPR’s customers are large third party logistic
service providers as well as a broad range of companies in the
retail and manufacturing sectors.
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