{"id":1004028305,"date":"2011-04-04T10:48:11","date_gmt":"2011-04-04T18:48:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004028305"},"modified":"2022-12-08T19:49:01","modified_gmt":"2022-12-09T03:49:01","slug":"prologis-wraps-up-157m-tmk-bond-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prologis-wraps-up-157m-tmk-bond-financing\/","title":{"rendered":"ProLogis Wraps Up $157M Bond Financing"},"content":{"rendered":"<p>April 4, 2011<br \/>\nBy Barbra Murray, Contributing Editor<\/p>\n<div id=\"attachment_1004028306\" style=\"width: 310px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/04\/apple-94.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004028306\" data-attachment-id=\"1004028306\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/prologis-wraps-up-157m-tmk-bond-financing\/apple-94\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/04\/apple-94.jpg\" data-orig-size=\"500,334\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"apple 94\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Courtesy Flickr Creative Commons user apple 94&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/04\/apple-94.jpg?w=500\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/04\/apple-94.jpg\" alt=\"\" title=\"apple 94\" width=\"300\" height=\"200\" class=\"size-medium wp-image-1004028306\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/04\/apple-94.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/04\/apple-94.jpg?resize=300,200 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004028306\" class=\"wp-caption-text\">Courtesy Flickr Creative Commons user apple 94<\/p><\/div>\n<p>ProLogis continues to cultivate its relationships with Japanese lenders with its recent closing on a $157 million Tokutei Mokuteki Kaisha bond secured financing through a lender with which the industrial REIT has a previous relationship. <\/p>\n<p>According to Japan&#8217;s Association for Real Estate Securitization, TMK is a tax-favored special purpose securitization vehicle that issues securities for purchase by investors investing proceeds from securities sales in real estate assets. &#8220;As a real estate acquisition structure, the TMK vehicle is very stable legally, enjoys good Japanese tax results, and is popular for those reasons,&#8221; tax and advisory firm PwC notes in a report. <\/p>\n<p>ProLogis secured the bond, which has a seven-year maturity, with its 1.2 million square-foot Parc Zama I located 25 miles outside of downtown Tokyo. In 2010, just one year after its completion, the distribution facility reached the 100 percent occupancy level. <\/p>\n<p>The REIT plans to pay down its global line of credit with proceeds from the financing, as it did when it closed two TMK bond secured financings totaling $122 million almost precisely one year ago. At the close of June 2010, ProLogis made a fourth amendment to its 2005 global senior credit agreement that, among other changes, reduced the total amount of the commitment to approximately. $2.25 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bond was secured with the 1.2 million-square-foot Parc Zama I, located outside of downtown Tokyo. In 2010, just one year after its completion, the distribution facility reached the 100 percent occupancy level. <\/p>\n","protected":false},"author":936,"featured_media":1004028306,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21748,16,21742],"tags":[],"class_list":["post-1004028305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-industrial","category-international","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>ProLogis Wraps Up $157M Bond Financing - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/prologis-wraps-up-157m-tmk-bond-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ProLogis Wraps Up $157M Bond Financing\" \/>\n<meta property=\"og:description\" content=\"The bond was secured with the 1.2 million-square-foot Parc Zama I, located outside of downtown Tokyo. 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