pbb Deutsche Pfandbriefbank, HSBC Bank plc and Wells Fargo have jointly provided senior financing for the acquisition of a portfolio of distribution warehouses located across the UK by the Blackstone Group. In addition, LaSalle Investment Management, on behalf of its Junior Loan Program, has provided mezzanine financing to support the acquisition.
The total senior and mezzanine financing amount provided was £204 million (approx. 250 million). The transaction closed on April 18, 2012.
pbb Deutsche Pfandbriefbank, HSBC Bank plc and Wells Fargo acted as Joint Arrangers and Underwriters. pbb Deutsche Pfandbriefbank is the Facility Agent and Security Agent to the senior facility.
The portfolio comprises 17 distribution assets located across the UK. Together they provide circa 3.6 million ft² of space. The transaction is a continuation of Blackstone's strategy of investing in high quality logistics properties in the UK.
Bernhard Scholz, the Management Board member of pbb Deutsche Pfandbriefbank, Matthew Webster, Global Head of Real Estate Finance, HSBC, and Chip Fedalen, Group Head, Wells Fargo Commercial Real Estate Institutional and Metro Markets commented on behalf of the senior lenders: "Blackstone is a core client of the senior lending group and we are happy to work with them alongside LaSalle Investment Management. We are excited about future opportunities to support our clients doing business and appreciate working with our co-lenders."
Amy Klein Aznar, Head of Special Situations and Structured Investments, LaSalle Investment Management, said: "LaSalle is delighted to have provided Blackstone with mezzanine debt financing on this transaction and to have successfully structured the facility together with pbb, HSBC and Wells Fargo. This transaction fits very well into our highly active Junior Loan Program. We look forward to working with all parties again in the near future."
Source: pbb Deutsche Pfandbriefbank