pbb Deutsche Pfandbriefbank has provided a 65.45 million senior facility to Hines Global REIT for the acquisition of a prime logistics portfolio in Poland. The transaction closed on July 24, 2012. pbb is acting as arranger, sole lender and hedge provider of this financing transaction.
The distribution park in Wroclaw.
The prime portfolio comprises five logistics facilities in Poland consisting of properties located in distribution parks in Warsaw, Wroclaw, Bedzin and Sosnowiec. The total lettable area is approx. 200,000 m².
Average occupancy across the properties is above 90%. Hines Poland will serve as Asset Manager and Property Manager on behalf of the owner, Hines Global REIT. The properties were acquired from Prologis.
Charles Balch, Head of Real Estate Finance International at pbb Deutsche Pfandbriefbank, said: "This is our first transaction with Hines Global REIT in CEE. The financing shows a particular strength of pbb: We are able to offer our international customers support in entering new markets and provide them with cross-border expertise. We are looking forward to continuing the good cooperation with Hines in all of our joint markets across Europe."
Mieczyslaw Godzisz, Senior Managing Director of Hines in Poland added: "We are proud to have closed this first loan with pbb Deutsche Pfandbriefbank in Poland, and look forward to more transactions with them in the future."
Source: Deutsche Pfandbriefbank AG