ING Real Estate has closed a €400 million loan facility to Foncière Europe Logistique. The borrower will use the loan to fund the acquisition of a logistics property portfolio by ProLogis, comprising 49 warehouses, located at logistics hotspots in France, such as Aulnay, Sénart and Vitrolles.
The facility was co-arranged with Calyon Credit Agricole on a 50/50 basis. ING Real Estate expects to syndicate a portion of the total facility to other banks and investors.
Foncière Europe Logistique is a French, listed real estate company with a total real estate portfolio valued at €1.5 billion. The company's portfolio is managed by leading French real estate company Foncière des Regions.
Commenting on the transaction, Michiel Rang, CEO ING Real Estate Finance International, said, "We are delighted with this transaction, which we were able to close in an extremely short time frame. It will serve to reinforce our presence as a major player in the French market."
Source: ING Real Estate