pbb Deutsche Pfandbriefbank (pbb) and Helaba (Landesbank Hessen-Thüringen Girozentrale), have jointly arranged a 300 million senior debt facility to refinance a logistics and light industrial portfolio across Germany, France and the Netherlands.
The facility is jointly underwritten by a group of banks including a.o. BAWAG P.S.K (Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse AG), Helaba, Natixis (Natixis Zweigniederlassung Deutschland), and pbb. pbb is also acting as agent of this transaction. It closed on March 1, 2012.
The portfolio is owned by the European High Income Fund, a closed-ended fund managed by Valad Europe. The Fund is a Pan-European, multi-let Industrial Fund established in 2004. It has a mandate to invest in light industrial estates with the potential for high income and capital growth. The fund is managed by Valad, the European Real Estate Investment Manager specializing in multi-let real estate, in particular in commercial and industrial property.
The refinanced portfolio consists of 63 light industrial assets with a GLA of ca. 766,000 m² of which 21% is ancillary office area. 18 properties are located in Germany, 21 in France predominantly in the Isle de France region, and 24 in the Netherlands.
Fraser Kennedy, Valad's Chief Financial Officer for Europe, commented: "This is an excellent result for our investors in the EHI fund, especially given the current economic headwinds prevailing over the Eurozone. To have successfully financed this European cross-border loan facility with a group of banks consisting of new and existing relationships is an endorsement of the quality of our European investment management platform.
"We are delighted with the consistent and strong support offered to us by the lender group which also demonstrates the strength of our relationships with them and their confidence in us."
Source: pbb Deutsche Pfandbriefbank