ProLogis European Properties (PEPR), a leading European owner of modern distribution facilities, has finalised a new EUR 50 mln, three-year, unsecured revolving credit facility jointly arranged by Deutsche Bank, Morgan Stanley Senior Funding and the Royal Bank of Scotland.

ProLogis European Properties (PEPR), a leading European owner of modern distribution facilities, has finalised a new EUR 50 mln, three-year, unsecured revolving credit facility jointly arranged by Deutsche Bank, Morgan Stanley Senior Funding and the Royal Bank of Scotland.

The facility has a EUR 100 mln accordion increase feature, subject to obtaining additional lender commitments. The new loan replaces PEPR's existing EUR 100 mln revolving credit facility, due to expire in December 2010. Pricing for the new facility will range from 225 to 300 basis points over applicable Libor, depending upon PEPR's credit rating. This new credit facility has a maturity date of 9 August 2013.

'This provides us with the flexibility and accordion feature to meet our ongoing working capital requirements and is sized more appropriately, in line with our strategy,' said David Doyle, chief financial officer. 'Our continued focus on deleveraging and the absence of debt maturing until the end of 2012 leaves PEPR well positioned for the future.'

PEPR was established in 1999 as a closed-end, real estate investment fund, externally managed by a subsidiary of Denver-based ProLogis. The company is listed on Euronext Amsterdam and has a portfolio of 232 buildings, covering 4.9 million m2 in 11 European countries, with an estimated market value of EUR 2.8 bn.