ProLogis European Properties receives €440.9 million of funding from new secured financings
22/01/2010
This press release is not an offer of securities for sale, or the solicitation of an offer to buy securities, in the United States or elsewhere. The securities mentioned in this press release have not been and will not be registered pursuant to the US Securities Act of 1933, as amended. They cannot be offered or sold in the United States absent registration or an exemption from registration. No public offer of the securities has been or will be made in the United States or elsewhere.
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ProLogis European Properties (Euronext: PEPR), one of
Europe’s largest owners of modern distribution facilities,
announced today that it has finalised three new four-year secured
financings and received funding totalling €440.9 million. The
three facilities have a blended coupon of 4.93%. Net proceeds will
be used to refinance outstanding debt.
The first and largest facility is a €300 million pan-European
syndicated loan with six European lenders arranged by Goldman Sachs
as sole arranger. The syndicate includes Deutsche Pfandbriefbank AG
(as Facility and Security Agent), AXA, BAWAG P.S.K., Credit Foncier
de France, M&G Investments and ING Real Estate Finance. The
loan has a loan-to-value of approximately 52% and is secured by a
portfolio of 39 properties located in four European countries. The
loan will mature in January 2014.
The second facility is a €74.0 million loan, split into two
tranches, with Berlin Hyp a new lender for PEPR. The first tranche
of €48.3 million was received on 28 December 2009 with the
remaining €25.7 million received this week. The loan is
secured by a portfolio of 17 German and Polish assets, has a
loan-to-value of approximately 50% and will mature in January
2014.
The final facility is a €74.5 million loan, of which
€66.9 million has been received and a further €7.6
million committed, with Deutsche Pfandbriefbank AG, a repeat lender
for PEPR. The €66.9 million tranche has a loan-to-value of
approximately 55%, is secured by a portfolio of nine French and UK
assets and will mature in December 2013.
David Doyle, chief financial officer of PEPR said:
“We are pleased to have completed these new financings, with
the syndicated loan being one of the largest Pan-European
syndicated real estate loans issued since 2008. These
transactions demonstrate our continued access to the capital
markets, having completed over €802 million of new or extended
debt facilities in the past year. Net proceeds combined with our
other deleveraging initiatives finalised in 2009 will enable us to
reduce outstanding debt substantially. Our unrelenting focus on
addressing 2010 debt maturities and the absence of debt maturing
until the end of 2012 leaves PEPR well positioned for the
future.”
-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
