pbb Deutsche Pfandbriefbank has provided a €75m facility to a subsidiary of Hines Global Income Trust for the acquisition of the specialized logistics park “ABC Westland”, located in Poeldijk near The Hague. The logistics park focusses on the fresh fruit and vegetable industry, providing a wide range of services such as marketing, logistics, packaging and quality assurance.
The property encompasses in total 117.000m² of commercial space and infrastructure under freehold. The Park mainly features warehouses and office space. It comprises 13 buildings which are let to around 50 tenants. The majority of the properties within ABC Westland are fully let.
Andy Smith, Managing Director, Hines Netherlands, commented: “Hines is grateful for the continued support of and growing relationship with pbb Deutsche Pfandbriefbank in the logistics sector in the Netherlands and indeed across the European platform.”
Norbert Muller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, commented: “We are delighted to complete the second transaction of this kind in the Netherlands with Hines, who are a strategic client for pbb. For pbb, this transaction marks a further drive into the Dutch lending market.”