PEPR early repayment of ?359.1 million of CMBS debt
(Thomson Reuters ONE) - News release ProLogis European Properties early repayment of ?359.1 million of CMBS debtLuxembourg - 5 November 2009 - ProLogis European Properties(Euronext: PEPR), one of Europe's largest owners of moderndistribution facilities, announced today that it has repaid ?359.1million of Commercial Mortgage Backed Securities ('CMBS'), due tomature in May 2010. PEPR used a combination of available cash, ?15.7million realised gain on the unwinding of related derivativecontracts and the utilisation of ?244.0 million under its ?900million unsecured credit facility to fund the repayment. Thisrepayment will release approximately ?482.9 million of secured assetsinto the unsecured asset pool.David Doyle, chief financial officer of PEPR said: "We are pleased torepay this CMBS debt six months early, demonstrating continuedprogress with our de-leveraging initiatives and increasing ourunsecured asset pool to facilitate current negotiations for newsecured financings. In 2009, PEPR has reduced its outstanding debtmaturing in 2009 and 2010 to approximately ?635 million, from ?1.3billion at the end of 2008. We continue to make progress on ouractions to strengthen the balance sheet and improve liquidity." -Ends-For further information, please contact:Investor relationsProLogis European PropertiesJennifer van der Eem+44 207 518 8708jvandereem(at)prologis.comMediaM:CommunicationsEd Orlebar / Charlotte McMullen+44 20 7920 2323 or 7920 2349orlebar(at)mcomgroup.com / mcmullen(at)mcomgroup.comAbout ProLogis European Properties (PEPR)ProLogis European Properties, or PEPR, is one of the largestpan-European owners of high quality distribution and logisticsfacilities. PEPR was established in 1999 as a closed-end, real estateinvestment fund, externally managed by a subsidiary of ProLogis(NYSE: PLD), a leading global provider of industrial distributionfacilities. 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 anestimated market value of ?3.0 billion. The portfolio has anoccupancy level of 96.3% and an average of 3.4 years to the nextlease break or 5.5 years to lease expiry.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 05.11.2009 - 09:00 Uhr
Sprache: Deutsch
News-ID 7953
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