ProLogis (PLD), a leading global provider of distribution facilities, has recently obtained European property funds totaling €622 million, collateralized by various assets in France, Germany, Belgium, Italy, Spain, Poland and the U.K. The financing has a weighted average rate of 4.91%.

The company obtained three four-year funding worth €441 million for ProLogis European Properties. The largest component of the financing was a €300 million syndicated loan with six European lenders, arranged by Goldman Sachs Group Inc. (GS). The financings had loan-to-value ratios of 50% to 55%.

ProLogis also procured a €181 million financing for ProLogis European Properties Fund II secured by 22 assets in France and with a loan-to-value ratio of 60%. The loan is one of the largest of its kind in the European real estate sector since 2008. With the loans, ProLogis has significantly reduced its 2010 debt maturities within the two funds.

ProLogis owns and manages interests in over 2,500 distribution facilities spanning 475 million square feet (including properties under development) of space. In response to the economic realities of constrained credit and rapidly deteriorating industrial real estate fundamentals, ProLogis has stopped all new development starts and early-stage developments. The company is currently concentrating on increasing its liquidity and de-leveraging its balance sheet.

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