Nov. 5, 2009 (Hugin AS) --
News release
ProLogis (NYSE:PLD PRG) (NYSE:PLD PRF) European Properties early repayment of ¤359.1 million of
CMBS debt
Luxembourg - 5 November 2009 - ProLogis European Properties
(Euronext: PEPR), one of Europe's largest owners of modern
distribution facilities, announced today that it has repaid ¤359.1
million of Commercial Mortgage Backed Securities ('CMBS'), due to
mature in May 2010. PEPR used a combination of available cash, ¤15.7
million realised gain on the unwinding of related derivative
contracts and the utilisation of ¤244.0 million under its ¤900
million unsecured credit facility to fund the repayment. This
repayment will release approximately ¤482.9 million of secured assets
into the unsecured asset pool.
David Doyle, chief financial officer of PEPR said: "We are pleased to
repay this CMBS debt six months early, demonstrating continued
progress with our de-leveraging initiatives and increasing our
unsecured asset pool to facilitate current negotiations for new
secured financings. In 2009, PEPR has reduced its outstanding debt
maturing in 2009 and 2010 to approximately ¤635 million, from ¤1.3
billion at the end of 2008. We continue to make progress on our
actions to strengthen the balance sheet and improve liquidity."
-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 an
estimated market value of ¤3.0 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.
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
