ProLogis Lands $360M in Financing

DENVER-ProLogis said Monday it has completed three financings totaling Euro $280 million [US $360 million] with two German banks, Deutsche Pfandbriefbank AG (formerly Hypo Real Estate) and an undisclosed lender that ProLogis says it has not worked with previously.

Two of the loans, totaling $154 million euros [US $217.79 million], are secured by a portfolio of 23 properties in Germany owned by ProLogis European Properties Fund II. The first of these is a euro 110 million loan [US $155.56 million] with an interest rate of 4.44%, 55% LTV and a July 2012 maturity. The remaining 44-million-euro loan [US $62.22 million] has an interest rate of 4.45%, 66% LTV and a June 2013 maturity.

In addition, the company closed on a 126-million-euro [US $178.19 million] secured loan on behalf of ProLogis European Properties Fund. The loan is a three-year extension of a secured bank loan originally due to mature in March 2010 and has a fixed interest rate of 5.24% with an initial LTV of 55%. The loan has been reduced from 151 million euros [us $213.54 million] to 126 million euros [US $178.19 million] and remains secured on a portfolio of 24 Central European properties.