Logistics real estate developer and fund manager, ProLogis has reached agreements with its lenders to refinance $123 million of debt on two of its funds as it continues to “aggressively address” its debt obligations.
According to an announcement by the Denver-based firm, it has secured a seven-year, $52.5 million loan with an unnamed “major insurance company” for its ProLogis California Fund. The loan, agreed at a 6.6 percent interest rate on a loan-to-value of approximately 50 percent, is secured against 11 assets in the fund, located in the Los Angeles area.
ProLogis has also secured a $70.5 million loan for ProLogis European Properties Fund (PEPR), the Euronext-listed company it manages. This loan was agreed with an unidentified “German Landesbank” and is secured against four assets in PEPR’s Swedish portfolio.
William Sullivan, chief financial officer at ProLogis said: “We continue to aggressively address fund debt maturities. So far this year, we have successfully addressed, refinanced or paid off $2.2 billion of 2009 and 2010 fund debt maturities, including virtually one hundred percent of $1.4 billion of 2009 maturities.”
ProLogis refinances $123 million of debt in US and Europe
The Denver-based logistics giant says the refinancing now means it has “addressed, refinanced or paid off $2.2bn of its debt maturities in 2009 and 2010.
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