ProLogis (NYSE: PLD), a leading global provider of distribution facilities, announced today it has completed three financings totaling 280 million with two German banks, Deutsche Pfandbriefbank AG (formerly Hypo Real Estate) and a new lender for ProLogis.
Two of the loans, totaling 154 million, are secured on a portfolio of 23 properties in Germany owned by ProLogis European Properties Fund II. The first of these is a 110 million loan with an interest rate of 4.44%, 55% loan-to-value and July 2012 maturity. The remaining 44 million loan has an interest rate of 4.45%, 66% loan-to-value and June 2013 maturity.
In addition, the company closed on a 126 million secured loan on behalf of ProLogis European Properties Fund (Euronext: PEPR). The loan is a three-year extension of a secured bank loan originally due to mature in March 2010 and has a fixed interest rate of 5.24% with an initial loan-to-value of 55%. The loan has been reduced from 151 million to 126 million and remains secured on a portfolio of 24 Central European properties.
"These secured financings continue the positive momentum achieved in addressing our property fund financing requirements," said William E. Sullivan, chief financial officer.
"We are pleased to expand our relationship with Deutsche Pfandbriefbank and to add a new lender to our sources of debt financing. These transactions demonstrate our continued ability to access the capital markets and the attractiveness of our global portfolio."