ProLogis European Properties, the European arm of US logistics giant Prologis, said in a statement on its Q1 results on Wednesday that it is in the final stages of selling a EUR 115 mln logistics property portfolio. The company, which recently secured EUR 235 mln of new credit facilities, added that a number of discussions are underway for further property disposals.
ProLogis European Properties, the European arm of US logistics giant Prologis, said in a statement on its Q1 results on Wednesday that it is in the final stages of selling a EUR 115 mln logistics property portfolio. The company, which recently secured EUR 235 mln of new credit facilities, added that a number of discussions are underway for further property disposals.
'Our priority for operations in 2009 is to continue to drive cash flow from the portfolio through proactive asset management and exemplary customer service,' said Peter Cassells, the company's recently appointed CEO. 'In addition, we have made good progress with our actions to improve the financial flexibility and overall leverage levels of the business. We are in the final stages of agreeing the disposal of a portfolio of assets generating approximately EUR 115 mln of proceeds and have a number of discussions underway for further property disposals.'
PEPR suspended future dividend payments in December 2008 and this cash flow will be retained in the business to reduce debt and improve liquidity.
