PROLOGIS CLOSES THREE LOANS TOTALING $347 MILLION

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DENVER — Denver-based ProLogis has closed on three secured loans totaling $347 million with two major life insurance companies. Two of the loans, totaling $245 million, are 10-year, interest-only, secured corporate financings with 50 properties in 13 markets as security. The remaining $102 million loan is a 5-year, interest-only, secured corporate financing with 14 properties in eight markets as security. The proceeds of the loans will be used initially to repay line of credit borrowings and address the refinancing of the $285 million corporate maturities for 2009 and a portion of 2010 corporate maturities.

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