LaSalle, ProLogis report property refinance success

LONDON, Aug 10 (Reuters) - Hopes of an imminent thaw in frozen real estate debt markets resurfaced on Monday after two of Europe's biggest property investors said they had refinanced more than 400 million euros ($567.5 million) of property loans this year.

LaSalle Investment Management (JLL.N) said it has renegotiated terms on about 300 million euros of debt in the first half of 2009 to bankroll new property buys for its pan-European portfolio and refinance mortgages on existing assets.

"We haven't encountered any difficulties with the twenty or so banks involved during our debt refinancing negotiations," Markus Beran, LaSalle's head of financing, said.

"This shows that even in the face of the economic crisis, there's still room for deals on the international debt markets," Beran said.

LaSalle said their refinancing success would enable it to make further acquisitions in discounted markets such as the UK, where opportunities to buy quality real estate at attractive prices abound.

Separately, ProLogis European Properties (PEPR.AS), Europe's largest owner of distribution and warehouse real estate, said Deutsche Pfandbriefbank, formerly Hypo Real Estate, has agreed a three-year extension of a 126 million euro secured bank loan, originally due to mature in March 2010.

The loan has been extended to March 2013 and remains secured on a portfolio of 24 Central European properties. The parties have agreed a fixed interest rate of 5.24 percent per annum, with an initial loan-to-value of 55 percent, without amortisation of loan principal. (Reporting by Sinead Cruise; Editing by Rupert Winchester) (See www.reutersrealestate.com for the global service for real estate professionals from Reuters)