Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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).

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.