ProLogis (PLD) Generates $840 Million in Gross Proceeds From Sales of Industrial Assets
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ProLogis (NYSE: PLD) has generated approximately $840 million of gross proceeds from the sale of industrial assets as well as contributions to property funds in the second quarter of 2009.
Deals Include:
Closes North American Industrial Asset Sales of $561 Million;
Contributes euro 110 ($151) Million of Assets to European Property Fund; and
Closed Previously Reported $128 Million Asset Sale in Japan
"With the proceeds from these second quarter sales and contributions and the $345 million on-balance sheet secured debt financing announced previously, we have addressed all of our 2009 balance sheet debt maturities and will further reduce the outstanding balance on our global lines of credit," said William E. Sullivan, chief financial officer. "In total, we have slashed our corporate debt by more than 25 percent, or $2.7 billion, since September 30, 2008, exceeding our objective of de-leveraging by at least $2 billion by the end of 2009."
ProLogis is a 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.[SM]
Deals Include:
Closes North American Industrial Asset Sales of $561 Million;
Contributes euro 110 ($151) Million of Assets to European Property Fund; and
Closed Previously Reported $128 Million Asset Sale in Japan
"With the proceeds from these second quarter sales and contributions and the $345 million on-balance sheet secured debt financing announced previously, we have addressed all of our 2009 balance sheet debt maturities and will further reduce the outstanding balance on our global lines of credit," said William E. Sullivan, chief financial officer. "In total, we have slashed our corporate debt by more than 25 percent, or $2.7 billion, since September 30, 2008, exceeding our objective of de-leveraging by at least $2 billion by the end of 2009."
ProLogis is a 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.[SM]
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