PEPR early repayment of €359.1 million of CMBS debt

2009-11-05 09:04:04 -
London, November , 05, 2009
News release
  ProLogis European Properties early repayment of €359.1 million of
                              CMBS debt


Luxembourg - 5 November 2009 - ProLogis European Properties
(Euronext: PEPR), one of Europe's largest owners of modern
distribution facilities, announced today that it has repaid €359.1
million of Commercial Mortgage Backed Securities ('CMBS'), due to
mature in May 2010. PEPR used a combination of available cash, €15.7
million realised gain on the unwinding of related derivative
contracts and the utilisation of €244.0 million under its €900
million unsecured credit facility to fund the repayment. This
repayment will release approximately €482.9 million of secured assets
into the unsecured asset pool.

David Doyle, chief financial officer of PEPR said: "We are pleased to
repay this  CMBS  debt  six  months  early,  demonstrating  continued
progress  with  our  de-leveraging  initiatives  and  increasing  our
unsecured asset  pool  to  facilitate current  negotiations  for  new
secured financings. In  2009, PEPR has  reduced its outstanding  debt
maturing in 2009 and  2010 to approximately  €635 million, from  €1.3
billion at  the end  of 2008.  We continue  to make  progress on  our
actions to strengthen the balance sheet and improve liquidity."
                               -Ends-

For further information, please contact:


Investor relations
ProLogis European Properties
Jennifer van der Eem
+44 207 518 8708
jvandereem@prologis.com


Media
M:Communications
Ed Orlebar / Charlotte McMullen
+44 20 7920 2323 or 7920 2349
orlebar@mcomgroup.com / mcmullen@mcomgroup.com



About ProLogis European Properties (PEPR)

ProLogis European Properties, or PEPR, is one of the largest
pan-European owners of high quality distribution and logistics
facilities. PEPR was established in 1999 as a closed-end, real estate
investment fund, externally managed by a subsidiary of ProLogis
(NYSE: PLD), a leading global provider of industrial distribution
facilities. In September 2006, PEPR was listed on Euronext Amsterdam.

As at 30 September 2009, PEPR has a portfolio of 232 buildings,
covering 4.9 million square metres in 11 European countries, with an
estimated market value of €3.0 billion. The portfolio has an
occupancy level of 96.3% and an average of 3.4 years to the next
lease break or 5.5 years to lease expiry.


This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.