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DENVER-ProLogis said Tuesday it closed on $123 million of secured financings for two of its property funds, ProLogis California Fund and ProLogis European Properties Fund. The money was used to pay off older debts.

For ProLogis California it closed on a seven-year, $52.5 million secured financing with a major life insurance company. The financing has a 6.60% interest rate, a loan-to-value of approximately 50% and is secured by 11 industrial properties located in the Los Angeles Basin. The proceeds were used to refinance the fund’s existing outstanding debt. ProLogis says the fund has addressed debt maturities into 2014.

For ProLogis European it closed on a five-year, $70.5-million secured financing with a German Landesbank. The financing is secured by four properties in Sweden. The proceeds were used to refinance outstanding debt, the company said, without any additional detail.

ProLogis CFO William Sullivan says the company has addressed, refinanced or paid off $2.2 billion of the 2009 and 2010 fund debt maturities. The company controls more than 475 million square feet of distribution space in North America, Europe and Asia.

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