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million in bond financing through aJapanese special-purposse company to help pay debt. ProLogis (NYSE: PLD), a publicluy traded real estate investment trust basedin Denver, is one of the world' largest operators of distribution The company owns or manages more than 475 milliob square feet of spacer in North America, Europe and Asia. ProLogi obtained the financing througha "tokutei mokutekii kaisha" (TMK), a tax-favored, special-purpose vehicle created in Japan for acquiring and holding Japanese assets including real ProLogis used the financing to pay down global lines of credit. ProLogis had $9.3 billion in totall debt at the end of thefirstr quarter, down from $10.
7 millionb at year-end 2008, according to this year's first-quartet report. The TMK financing has a three-yearf maturity, and is secured by the fullyy leased ProLogis Park Narashino III distribution center in The TMK issues corporate bonds to its holders securer by realestate assets, and it can be used by both Japanesse and non-Japanese investors.
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