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DENVER-Locally based ProLogis, the world’s largest industrial REIT, closed on a $510 million, multi-currency revolving line of credit through a syndicate of 23 banks.

ABN AMRO Bank N.V. and Bank of America Securities Ltd. are the lead banks in the transaction. The three-year line of credit contains pricing with a margin of 80 basis points over Euribor, which results in an interest rate of approximately 2.91%. The line replaces a 325 million Euro line that was established in 1999.

Of the 23 banks participating, 13 were new to the syndicate. The line of credit will be used to finance land acquisition and property development in Europe and for general corporate purposes.

It is the intention that the developed properties will ultimately be transferred to the ProLogis European Properties Fund. “Our unique property fund strategy has allowed ProLogis to successfully expand its platform in Europe from one million sf in 1997 to over 46 million sf today,” says K. Dane Brooksher, chairman and CEO of ProLogis.

“With assets in the fund approaching 3 billion Euro represented by distribution facilities in 11 countries, we will continue to use our line of credit to grow our market leading position as we help our customers meet the changing needs of the European logistics market.”

ProLogis is a leading provider of distribution facilities and services with 231.7 million sf in 1,742 distribution facilities owned, managed and under development in 67 markets in North America, Europe and Japan (excludes temperature-controlled distribution facilities).

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