pbb Deutsche Pfandbriefbank has provided an extension to loan facilities made available to Tamar European Industrial Fund of ca. 80 million. The transaction closed on August 18, 2011.
The Facilities, which have been reduced from 88 million to c. 80 million following the sale of an asset in Norway will be extended for a period of 3.5 years from the current maturity of November 22, 2011.
The leverage, based on the bank's valuation, is just under 65% Loan to Value and is secured on a portfolio of industrial properties in Germany and Scandinavia.
Harin Thaker, Head of Real Estate Finance International at pbb Deutsche Pfandbriefbank said: "We are delighted to have concluded another financing continuing our relationship with Tamar for their ongoing management of this portfolio."
Rob Brook, Managing Director of Tamar Financial Services Limited, commented: "This refinancing demonstrates the strong relationship the Fund has with pbb Deutsche Pfandbriefbank AG. The transaction concludes the refinancing of all of the Fund's debt allowing it to move forward with its strategy."
Source: pbb Deutsche Pfandbriefbank