ProLogis Closes on $510MM Credit Line

ProLogis, a Denver-based real estate investment trust, has closed on an approximately $510 million (450 million euro) multicurrency revolving line of credit through a syndicate of 23 banks.The industrial REIT said the three-year line of credit is priced at 80 basis points over the euro interbank offered rate, resulting in an interest rate of approximately 2.91% as of Aug. 7. ABN Amro and Banc of America Securities were the "mandated lead arrangers" of the line. ProLogis said it expects to use the line to finance land acquisition and property development in Europe and for general corporate purposes. The developed properties are expected to be ultimately transferred to the ProLogis European Properties Fund. K. Dane Brooksher, chairman and chief executive officer of ProLogis, said the company has expanded its European platform from one million square feet in 1997 to over 46 million square feet.