pbb Deutsche Pfandbriefbank provided a €99.2m senior loan facility to Argan. In October 2019, Argan acquired the shares of the SCI “Cargo”, which owns a warehouse portfolio for an amount of €898m which is fully let to Carrefour on long term leases and comprises twenty-two logistics assets spread across France. The portfolio was divided into five sub-portfolios for financing purposes. The loan facility provided by pbb refinances one of these sub-portfolios.
Norbert Muller, Head of Real Estate Finance Continental Europe West, commented: “This is our first transaction with Argan, a French leader in logistics real estate, who is specialized in developing and rental of premium logistics platforms for leading companies. As the demand for French logistics properties continues to draw in new entrants, we are pleased to support a client with such an experience.”