ProLogis European Properties (PEPR), one Europe's largest owners of warehouse distribution facilities, announced on Monday that it will repay around EUR 336 mln of CMBS debt on 5 April 2009, three months earlier than contractually required. PEPR will use a combination of cash from operations and available capacity under its EUR 900 mln unsecured credit facility to complete the repayment, which is subject to customary closing conditions.

ProLogis European Properties (PEPR), one Europe's largest owners of warehouse distribution facilities, announced on Monday that it will repay around EUR 336 mln of CMBS debt on 5 April 2009, three months earlier than contractually required. PEPR will use a combination of cash from operations and available capacity under its EUR 900 mln unsecured credit facility to complete the repayment, which is subject to customary closing conditions.

'We are pleased to be able to repay this CMBS debt early, demonstrating progress with our deleveraging initiatives,' said Peter Cassells, chief executive officer of PEPR. Cassells said the repayment will save PEPR over EUR 1 mln in interest expenses this year and crystallise approximately EUR 43 mln of cash flow.'

He added: 'We continue to make headway on our actions to strengthen the balance sheet and improve liquidity.'