PEPR receives EUR440.9 million of funding from new secured financings

Friday, 22. January 2010 09:01
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News release

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

Luxembourg - 22 January 2010 - 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."


For further information, please contact:

Investor relations
ProLogis European Properties
Jennifer van der Eem
+44 207 518 8708

Ed Orlebar / Charlotte McMullen
+44 20 7920 2323 or 7920 2349 /

About ProLogis European Properties (PEPR)
ProLogis European Properties, or PEPR, is one of the largest pan-European owners
of high quality distribution and logistics facilities. PEPR was established in
1999 as a closed-end, real estate investment fund, externally managed by a
subsidiary of ProLogis (NYSE: PLD), a leading global provider of industrial
distribution facilities. In September 2006, PEPR was listed on Euronext

As at 30 September 2009, PEPR has a portfolio of 232 buildings, covering 4.9
million square metres in 11 European countries, with a market value of €2.8
billion. The portfolio has an occupancy level of 96.3% and an average of 3.4
years to the next lease break or 5.5 years to lease expiry.


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