Prologis European Properties (PEPR), Europe's largest owner of modern distribution facilities, announced on Tuesday that it has completed a new five-year secured bank loan facility for approximately EUR 48 mln with Landesbank Hessen-Thüringen ( Helaba). The German financier is a new lender for PEPR.
Prologis European Properties (PEPR), Europe's largest owner of modern distribution facilities, announced on Tuesday that it has completed a new five-year secured bank loan facility for approximately EUR 48 mln with Landesbank Hessen-Thüringen ( Helaba). The German financier is a new lender for PEPR.
The proceeds from the loan will be split into two tranches, the first for SEK 332.5 million (EUR 32.5 mln) and the second for EUR 15.5 mln, both of which will be used to refinance outstanding debt.
The facility is secured by a portfolio of distribution facilities in Norrkoping, Orebro and Gothenburg, Sweden, the first time PEPR has used its Swedish assets for specific financing, and will mature in October 2014.
'This transaction is a further step in achieving our ambition to reduce short-term debt maturities, create a balanced maturity profile and decrease overall balance sheet risk,' said Peter Cassells, chief executive officer for PEPR. 'We continue to make good progress with our refinancing plans, with a further EUR 600 mln of new financing under active discussion, and are also taking steps to improve the future financial flexibility of the business.'
