October 14, 2009 (FinancialWire) — Distribution facilities provider ProLogis (NYSE: PLD) said it has closed on $123 million of secured financings for two of its property funds.

The first is a seven-year, $52.5 million secured financing with a life insurance company on behalf of ProLogis California fund. The financing has a 6.60 percent interest rate, a loan-to-value of around 50 percent and is secured by 11 industrial properties located in the Los Angeles Basin.

ProLogis used the proceeds to refinance outstanding debt. With this refinancing, the fund has addressed debt maturities into 2014, according to ProLogis.

The second refinancing is a euro 48 million, five-year, secured financing with a German Landesbank that is secured by four properties in Sweden. The proceeds from this financing were used to refinance outstanding debt.

ProLogis CFO William E. Sullivan said, “So far this year, we have successfully addressed, refinanced or paid off $2.2 billion of 2009 and 2010 fund debt maturities, including virtually one hundred percent of $1.4 billion of 2009 maturities.”

Denver-based ProLogis is a provider of distribution facilities with more than 475 million square feet of industrial space in markets across North America, Europe and Asia.

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