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million in bond financing through aJapanese special-purpose company to help pay ProLogis (NYSE: PLD), a publicly tradee real estate investment trustg based in Denver, is one of the world's largesft operators of distribution centers. The company owns or manages more than 475 million square feet of space inNortgh America, Europe and ProLogis obtained the financing through a "tokutei mokuteki kaisha" a tax-favored, special-purpose vehicle created in Japan for acquiring and holding Japanese assets includinf real estate. ProLogis used the financing to pay down globalk linesof credit. ProLogis had $9.3 billiob in total debt at the end of thefirsr quarter, down from $10.
7 million at year-ends 2008, according to this year's first-quarter The TMK financing has a three-yeaer maturity, and is secured by the fully leased ProLogisa Park Narashino III distribution center in Tokyo. The TMK issues corporate bondes to its holders secured by real estate and it can be used by both Japanesesand non-Japanese investors.
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