ProLogis Closes 10 Billion Yen ($113 Million) TMK Bond Financing
DENVER, Dec. 16 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), a leading global provider of distribution facilities, announced today that it has completed a 10 billion yen ($113 million) TMK bond secured financing. Sumitomo Mitsui Banking Corp. was lead on the financing, which has a three-year maturity and is secured by ProLogis Parc Osaka II. Proceeds from this financing were used to pay down ProLogis' global line of credit. Tokutei Mokuteki Kaisha (TMK) is a tax favored, special purpose securitization vehicle that issues corporate bonds secured by real estate assets.
"The TMK bond market in Japan continues to be a very attractive capital source. We are fortunate to have strong relationships with some of the premier lenders in the region and to have a product type that continues to be attractive as a source of security," said Phillip D. Joseph, Jr., senior vice president and treasurer. ProLogis Parc Osaka II is a 1.4 million-square-foot, multi-tenant facility located in Osaka, Japan, that is over 95 percent leased to well-known companies like Nipro Corporation, Kintetsu World Express and Sankyu Inc.
ProLogis is a leading global provider of distribution facilities, with more than 475 million square feet of industrial space (44 million square meters) in markets across North America, Europe and Asia. The company leases its industrial facilities to more than 4,500 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. For additional information about the company, go to www.prologis.com.
Released December 16, 2009