ProLogis Secures $80M Financing for North American Industrial Fund
- Nov 12, 2008
Denver-based ProLogis has closed the deal for an $80 million financial arrangement on behalf of the firm’s ProLogis North America Industrial Fund. Phil Joseph, senior vice president, assistant treasurer for ProLogis, told CPN, “Today’s transaction is an example of ProLogis’ ability to secure financing in this tight credit environment.” The financing, arranged through a North American life insurance company, is a five-year loan and will be used to pay down debt owed on a warehouse line of credit. The loan comes with a coupon of 5.84 percent, representing a loan-to-value of about 53 percent. Eight separate properties owned by the fund and managed by ProLogis subsidiaries have been named to be held as security for the loan. ProLogis, a global owner, manager and developer of industrial properties, maintains a presence in 136 markets around the world. The company currently owns, manages or has under development a total $40.8 billion worth of assets including 548 million square feet in almost 3,000 separate properties.