pbb Deutsche Pfandbriefbank provided €100m senior secured loan facility to CBRE Global Investors to refinance existing debt on three logistic properties in the CBRE Logistics Venture Fund. pbb acted as Mandated Lead Arranger, Facility and Security Agent. The 363,510m² well-connected pure logistics portfolio includes three properties all located in the Paris region (Bruyeres, Lagny and Villabe). The tenant base includes highly regarded names such as Auchan and XPO.
Charles Balch, Head of Real Estate Finance International Clients, UK, CEE & USA, said: “We are pleased to be able to support CBRE Global investors, one of our core clients, with this refinancing of a prime logistics portfolio in Ile-de-France. Logistics is obviously one of the asset classes that are best positioned to perform well in the current difficult situation, and we will continue to look for opportunities in this sector.”
Laurie Lagarde, Logistics Fund Manager Europe, CBRE Global Investors said: “The refinancing of these assets demonstrates our strong activity in the logistics sector. On behalf of our clients, we have financed or refinanced approximately €308m of debt out of a total of €715m in assets acquired this year."
Duco Mook, Head of Treasury & Debt Financing EMEA, CBRE Global Investors added: “Notwithstanding the challenging environment that we are all faced with, refinancing of prime assets in defensive sectors such as logistics, remain a straightforward deal. It helps that we can build further on strong longstanding lender relationships such as the relationship with pbb. This deal is one of the many refinancings’s that we have secured throughout the pandemic and we are pleased that we are able to continue to attract strong financing terms in today’s market.”