Denver-based distribution facilities operator Prologis announced last week that it has reached an agreement with an unnamed bank based in Austria to provide a new EUR 41.4 mln financing to the Prologis European Properties Fund II (PEPF II).

The proceeds from the financing were used to pay down PEPF II's warehouse line of credit, Prologis said. The new five-year loan is secured by a portfolio of six logistics assets in Poland, representing a 52% loan-to-value, it added.

'With this financing, we have demonstrated our access to debt capital in the central European region with one of the few new secured real estate loans to be completed there during 2009,' said Prologis CEO William Sullivan, Prologis.

'We also established a new lending relationship and are pleased that lenders continue to be attracted to the strong and stable cash flows generated by Prologis' assets.'

Prologis is a global provider of distribution facilities, with over 44 million m2 of logistics space in markets across North America, Europe and Asia.