ProLogis European Properties closes over €92 million in two new secured financings and prepays €17 million of CMBS debt
09/12/2009
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Luxembourg – 9 December 2009 –
ProLogis European Properties (Euronext: PEPR), one of
Europe’s largest owners of modern distribution facilities,
announced today that it has closed on approximately €92.8
million of secured financing with two European banks. Net proceeds
will be used to refinance outstanding debt.
The first facility is a £43.0 million (approximately
€47.5 million), three and a quarter year, secured loan with a
major French bank, a new lender for PEPR. The loan has a fixed rate
coupon of 5.045%, a loan-to-value of approximately 50% and is
secured by a portfolio of 10 UK assets. The loan will mature in
March 2013.
The second facility is a €45.3 million, three-year, secured
loan with a German mortgage bank, that is a repeat lender for PEPR.
The loan has a fixed rate coupon of 4.34%, a loan-to-value of
approximately 55% and is secured by a portfolio of six Dutch
assets. The loan will mature in January 2013.
In addition, PEPR is in the process of prepaying a further
€17.0 million of its Commercial Mortgage Backed Securities
(‘CMBS’), due to mature in May 2010. This prepayment
releases approximately €29.5 million of secured assets to be
included in new secured debt packages.
David Doyle, chief financial officer of PEPR said: “We remain
aggressively focused on our 2010 debt maturities. So far this year
we have successfully refinanced or repaid approximately €788
million of 2009 and 2010 debt maturities. Our negotiations with
existing and new lenders for further secured debt financings remain
on track. Successful completion of these negotiations, combined
with the closing of our €61 million preferred equity raise and
operational cash flow should substantially address all outstanding
2010 debt maturities.”
-Ends-
For further information, please contact:
Investor relations
ProLogis European Properties
Jennifer van der Eem
+44 207 518 8708
jvandereem@prologis.com
Media
M:Communications
Ed Orlebar / Charlotte McMullen
+44 20 7920 2323 or 7920 2349
orlebar@mcomgroup.com /
mcmullen@mcomgroup.com
About ProLogis European Properties
(PEPR)
ProLogis European Properties, or PEPR, is one
of the largest pan-European owners of high quality distribution and
logistics facilities. PEPR was established in 1999 as a closed-end,
real estate investment fund, externally managed by a subsidiary of
ProLogis (NYSE: PLD), a leading global provider of industrial
distribution facilities. In September 2006, PEPR was listed on
Euronext Amsterdam.
As at 30 September 2009, PEPR has a portfolio of 232 buildings,
covering 4.9 million square metres in 11 European countries, with a
market value of €2.8 billion. The portfolio has an occupancy
level of 96.3% and an average of 3.4 years to the next lease break
or 5.5 years to lease expiry.
Q2/HY 2010 financial results
View Second Quarter and Half Year 2010 Financial Results Webcast
22 July 2010
