$104.7 MILLION PORTFOLIO FINANCING CLOSED FOR PROLOGIS FUND

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DENVER — Denver-based ProLogis has closed a $104.7 million secured financing on behalf of an affiliate of ProLogis North American Industrial Fund II. The 10-year loan has a coupon of 6.38 percent and represents a loan-to-value of approximately 58 percent on five geographically diverse U.S. industrial properties. The company will use the proceeds to refinance a $62 million secured debt facility, which was set to mature January 2009, and pay down $42 million of the Citi bridge debt facility. These actions will reduce 2009 maturities in the fund by approximately $104 million.

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