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AURORA, CO-Locally based ProLogis, the world's largest industrial real estate investment trust, disclosed in a recent Securities and Exchange Commission that it completed the purchase of 80% of the ownership interests held by affiliates of Arcapita Bank B.S., which is based in Bahrain. Arcapita also has offices in Atlanta and London.
According to the documents, ProLogis paid Arcapita $626 million for 100% ownership in three funds: ProLogis First US Properties LP; ProLogis Second US Properties LP; and ProLogis Third US Properties. ProLogis previously owned 20% of the entities. The purchase includes the assumption of debts and other liabilities, according to the SEC documents.
The SEC filing also reveals that ProLogis entered into a $500-million bridge loan agreement, with Bank of America, N.A. ProLogis borrowed $259 million under the bridge facility on Jan. 4, ProLogis disclosed. The loans mature on April 4.
Interest on the loans under the bridge facility accrue at a rate per annum equal to the London interbank offered rate, plus a margin of 0.475% or the base rate. A facility fee is also payable on the total commitment under the bridge facility.
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