Prologis European Properties (PEPR) announced on Thursday that it has obtained an amendment to its EUR 900 mln senior unsecured credit facility.
Prologis European Properties (PEPR) announced on Thursday that it has obtained an amendment to its EUR 900 mln senior unsecured credit facility.
The Euronext-listed distribution property group said the amendment would help ensure that it could continue to use the senior unsecured credit facility following the proposed conversion of its legal structure from a fonds commun de placement (FCP) into a société d'investissement à capital fixe (SICAF).
Commenting on the amendment, Peter Cassells, CEO of PEPR, said: 'This is a significant step in increasing our financial flexibility and providing us with the necessary headroom with which to operate. We thank our lenders for their support in this regard, and in relation to our intention to convert PEPR into a SICAF.'
Continuing access to the revolving portion of the credit facility was one of the concerns raised by APG, the real estate arm of Dutch pension giant, when it called on fellow shareholders this week to support changes to PEPR’s articles of incorporation before backing the conversion to a SICAF.
The management of PEPR rejected APG's concerns as unfounded.
