New York-listed Prologis has completed two financings for Prologis European Properties Fund II, expanding on one lending relationship and establishing a new one. These two financings total EUR 180.4 mln, with a blended coupon of 4.99%. The proceeds were used to pay down the fund's line of credit.

New York-listed Prologis has completed two financings for Prologis European Properties Fund II, expanding on one lending relationship and establishing a new one. These two financings total EUR 180.4 mln, with a blended coupon of 4.99%. The proceeds were used to pay down the fund's line of credit.

The first was a loan for £117.8 mln (EUR 141.9 mln) and has a five-year term. Secured by 11 prime distribution facilities in the UK, the interest-only financing has a loan-to-value of 60%. The lender, Lloyds TSB, is a new financier for Prologis.

Jonathan Monnickendam of LTSB said: 'We are pleased to have worked with Prologis to deliver a loan of this size whilst markets remain unsettled. The execution process required high-quality team work and professional conduct from both sides and their professional advisors. I hope that this is the first of many deals with Prologis and look forward to deepening the relationship.'

The second is also an interest-only loan and was for EUR 38.5 mln. The financing has an initial three-year term. It is secured by six prime distribution facilities in Slovakia and has a loan-to-value of 54%. The loan is with Helaba, a German Landesbank and a repeat lender, which completed two financings with Prologis in 2009.

'We are pleased to have concluded the secured facilities with Lloyds and Helaba as we continue to strategically access debt in all of our European markets,' said Christian Nickels-Teske, head of Treasury for Prologis in Europe. 'We look forward to expanding our relationships with the two institutions and believe that the quality of our distribution facilities, and the customers that occupy them, make Prologis' distribution centers attractive for secured and unsecured lenders.'