Property Types Industrial
European ProLogis Fund Secures $383M Refi
Sept 5, 2008
By: Barbra Murray, Contributing Editor

ProLogis European Properties Fund II, a private equity fund established by Denver-based distribution facilities provider ProLogis, has attained a five-year secured term loan facility valued at €264 million, or approximately $383 million, for the purpose of refinancing 34 properties in Central Europe.

Hypo Real Estate Bank International AG provided the loan, acting as facility agent along with Aareal Bank AG, Deutsche Postbank AG and Helaba Landesbank Hessen-Thüringen. The portfolio of distribution facilities encompasses an aggregate 7.5 million square feet of recently constructed space in Poland, the Czech Republic, Slovakian and Hungary.

"ProLogis is a sector leader, with global experience and in our experience is an excellent operator," Harin Thaker, Hypo CEO-Europe, told CPN. "The portfolio we have financed is made up of top quality real estate. On the Central European real estate market is strong demand for logistics infrastructure."

It has been an active year for PEPF II. During the second quarter, the fund enhanced its portfolio with the addition of 23 properties valued at approximately $534 million and totaling 6.4 million square feet in 10 countries in Europe. Contributed by ProLogis, the assets are less than one year old and have an average 99.1 percent occupancy level. Tenants at the buildings include DHL, Tesco, Unilever and Wincanton. Additionally, ProLogis established at $1.6 billion senior unsecured credit facility for PEPF II. ABN AMRO Bank N.V. served as facility agent, as well as lead arranger along with Banc of America Securities Ltd. and ING Real Estate Finance N.V.

The largest owner, manager and developer of distribution facilities in the world, ProLogis operates in 132 markets across North America, Europe and Asia. As of the close of the second quarter, the company's portfolio of owned, managed and in-progress properties encompassed of 542.3 million square feet valued at a total $40.4 billion.

 
Recent Industrial Headlines
Top 10 Office Markets See Modest Gains
Nov. 20, 2008
While prices across commercial real estate are down from a year ago, they increased in September up 2.5 percent from the month before, according to an Associated Press report on Moody's/REAL Commercial Property Price Indices. The top 10 markets showed modest gains in all property sectors in the third quarter, Moody's said.
Flagler Inks Tenant to 240,000-SF Lease at Florida Biz Park
Nov. 20, 2008
Flagler Development Group has signed paper products firm Lagasse Sweet to a 240,000-square-foot lease in a build-to-suit facility at Flagler Station, South Florida’s largest business park.
Ben Butcher STAG Capital Kicks Off Industrial Fund with Anticipated $1.3B Buying Power
Nov. 19, 2008
Boston-based STAG Capital Partners has initiated STAG Investments V L.P., a fund targeting commitments of $400 million for the acquisition of predominantly high-yield single-tenant industrial properties across the country.
rakowich New ProLogis CEO Details Plans to Put Company Back on Track
Nov. 14, 2008
In a presentation to investors Thursday, new ProLogis CEO Walter Rakowich, the company’s former president & COO, fleshed out some specifics about how the world’s largest developer/owner of distribution facilities will move forward past its current crisis. In addition, a new report on equity REITs documents just how much those entities have been shaken up lately.
schwartz REIT Woes Continue as Prologis CEO Schwartz Resigns; Firm to Halt Development, Slash Dividend
Nov. 12, 2008
Jeffrey Schwartz, CEO & chairman of Denver-based global industrial real estate giant Prologis, will resign from his position after nearly four years at the helm. Schwartz will be replaced as CEO by current Prologis president & COO Walter Rakowich, while board trustee Stephen Feinberg will assume the role of chairman.
 

 

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