Aareal Bank provides senior debt financing for a structured multi-currency and pan-European facility. The portfolio consists of eight office and logistics assets in six countries (United Kingdom, the Netherlands, Italy, Belgium, Switzerland and Germany) and has been purchased by on behalf of Macquarie Global Property Advisors (MGPA) European property fund, MGP Europe Fund II for €121.1 million. It has a total net lettable area of 188,627 m². The seller is Sony Europe, the electronics manufacturer who will be substantially leasing back the buildings in the portfolio.
Investors require flexible cross-border multi-currency facilities for investments in both the Euro zone and also in other European countries to enable the purchase of pan-European sale-and- leaseback portfolios as is the case with the Sony portfolio.
Aareal Bank was an obvious source for debt financing due to its experience in pan- European structuring in combination with a strong branch network and the expertise of its Logistics Finance Team, commented Alex Jeffrey, Managing Director at MGPA.
Christian Nickels-Teske, Director of Logistics Finance in Real Estate Structured Finance adds: We are delighted to welcome the new MGP Fund II managed by MGPA as our client. The pan-European debt platform, in combination with our strong branch network, provides MGPA with maximum flexibility in their acquisition process.
Source: Aareal Bank