ProLogis European Properties receives €440.9 million of funding from new secured financings

	Established since 1989, world leader and experts in our industry, the CoGri Group of companies is a consortium of international specialists that collectively offers a complete package solution to the upgrading, repair and enhancement of industrial floors, particularly in floor flatness in narrow aisles. Group companies include Concrete Grinding Ltd, Face Consultants Ltd and CG Flooring Systems Ltd.

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ProLogis European Properties receives €440.9 million
of funding from new secured financings

ProLogis European Properties (Euronext: PEPR), one of Europe’s largest owners of modern distribution facilities, announced today that it has finalised three new four-year secured financings and received funding totalling €440.9 million. The three facilities have a blended coupon of 4.93%. Net proceeds will be used to refinance outstanding debt. The first and largest facility is a €300 million pan-European syndicated loan with six European lenders arranged by Goldman Sachs as sole arranger. The syndicate includes Deutsche Pfandbriefbank AG (as Facility and Security Agent), AXA, BAWAG P.S.K., Credit Foncier de France, M&G Investments and ING Real Estate Finance. The loan has a loan-to-value of approximately 52% and is secured by a portfolio of 39 properties located in four European countries. The loan will mature in January 2014.

The second facility is a €74.0 million loan, split into two tranches, with Berlin Hyp a new lender for PEPR. The first tranche of €48.3 million was received on 28 December 2009 with the remaining €25.7 million received this week. The loan is secured by a portfolio of 17 German and Polish assets, has a loan-to-value of approximately 50% and will mature in January 2014.

The final facility is a €74.5 million loan, of which €66.9 million has been received and a further €7.6 million committed, with Deutsche Pfandbriefbank AG, a repeat lender for PEPR. The €66.9 million tranche has a loan-to-value of approximately 55%, is secured by a portfolio of nine French and UK assets and will mature in December 2013.

David Doyle, chief financial officer of PEPR said: “We are pleased to have completed these new financings, with the syndicated loan being one of the largest Pan-European syndicated real estate loans issued since 2008. These transactions demonstrate our continued access to the capital markets, having completed over €802 million of new or extended debt facilities in the past year. Net proceeds combined with our other deleveraging initiatives finalised in 2009 will enable us to reduce outstanding debt substantially. Our unrelenting focus on addressing 2010 debt maturities and the absence of debt maturing until the end of 2012 leaves PEPR well positioned for the future.”

Upcoming Exhibitions

October 2010 - Saudi Transtec

Supported by the Ministry of Transport, Saudi TransTec will showcase Industries such as Freight, Shipping, Aviation, Ports, Cargo, Express, Railways, Material Handling Equipment & System Providers as well as Supply Chain and Logistics, providing the Eastern Province with an essential networking and business forum for the Transport and Logistics sector!

November 2010 - Eindhoven, 10th - 11th

It is with justified pride that Bureau Bosman BV is introducing Groothandel & Logistiek’s new trade show name. From now on, Groothandel & Logistiek will be called: Bedrijf en Logistiek, the trade show for goods-in, storage and goods-out. The eleventh edition will take place on November 10 and 11 in the Exhibition Building in Eindhoven.

November 2010 - Birmingham, 16th - 19th

Quartz Publishing & Exhibitions Ltd, organiser of the International Materials Handling Exhibition (IMHX), has announced that – in response to exhibitor requests – the show’s dates have moved from March to November next year.

November 2010 - Intermodal Europe 2010, Amsterdam, 30th November - 2nd December

The Intermodal Europe event returns to Amsterdam with a revitalised new programme that will ensure a balanced focus on all areas of intermodalism from containers through to road, rail and maritime logistics.

September 2011 - Material Handling Middle East, 25th to 27th

Delivering results since 2001, Materials Handling Middle East will be held next year from September 25 to 27 at the Dubai International Convention and Exhibition Centre, UAE.

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