ProLogis European Properties closes over ?92 million in two new
secured financings and prepays ?17 m
(Thomson Reuters ONE) - This press release is not an offer of securities for sale, or thesolicitation of an offer to buy securities, in the United States orelsewhere. The securities mentioned in this press release have notbeen and will not be registered pursuant to the US Securities Act of1933, as amended. They cannot be offered or sold in the United Statesabsent registration or an exemption from registration. No publicoffer of the securities has been or will be made in the United Statesor elsewhere.This press release may contain certain forward-looking statements.These forward-looking statements involve certain risks anduncertainties that could cause actual results to differ materiallyfrom those indicated in such forward-looking statements. The companyassumes no obligation to update any forward-looking statementcontained in this press release.News release ProLogis European Properties closes over ?92 million in two new secured financings and prepays ?17 million of CMBS debtLuxembourg - 9 December 2009 - ProLogis European Properties(Euronext: PEPR), one of Europe's largest owners of moderndistribution facilities, announced today that it has closed onapproximately ?92.8 million of secured financing with two Europeanbanks. 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, anew lender for PEPR. The loan has a fixed rate coupon of 5.045%, aloan-to-value of approximately 50% and is secured by a portfolio of10 UK assets. The loan will mature in March 2013.The second facility is a ?45.3 million, three-year, secured loan witha German mortgage bank, that is a repeat lender for PEPR. The loanhas a fixed rate coupon of 4.34%, a loan-to-value of approximately55% and is secured by a portfolio of six Dutch assets. The loan willmature in January 2013.In addition, PEPR is in the process of prepaying a further ?17.0million of its Commercial Mortgage Backed Securities ('CMBS'), due tomature in May 2010. This prepayment releases approximately ?29.5million of secured assets to be included in new secured debtpackages.David Doyle, chief financial officer of PEPR said: "We remainaggressively focused on our 2010 debt maturities. So far this year wehave successfully refinanced or repaid approximately ?788 million of2009 and 2010 debt maturities. Our negotiations with existing and newlenders for further secured debt financings remain on track.Successful completion of these negotiations, combined with theclosing of our ?61 million preferred equity raise and operationalcash flow should substantially address all outstanding 2010 debtmaturities." -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 amarket value of ?2.8 billion. The portfolio has an occupancy level of96.3% and an average of 3.4 years to the next lease break or 5.5years to lease expiry.http://hugin.info/139145/R/1359943/331750.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 09.12.2009 - 09:29 Uhr
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News-ID 9422
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