Valad Europe, announced the completion of a €175 million senior debt facility for its Valad European Income Fund, concurrently with an extension to the life of the Fund, with the unanimous support of its Investors’ Advisory Committee. The debt facility is jointly underwritten by Deutsche Pfandbriefbank AG (pbb) and Landesbank Hessen–Thüringen Girozentrale (Helaba).
The refinanced portfolio comprises 40 light industrial assets with a gross leasable area of 550,000 m² in France, Germany and the Netherlands. A refinancing of the Danish portion of the portfolio will shortly be completed, to match the maturity of the Fund.
Thierry Leleu, Valad Europe’s Head of Funds Management, commented: “This is a great result for our investors in the Fund. This new €175 million loan facility provides us with an excellent opportunity to arbitrage the portfolio in an improving market. I am also thankful for the support of our banking partners, pbb and Helaba.
Valad European Income Fund is a pan-European multi-let industrial fund comprising 700,000 m² of space across 52 assets in Denmark, France, Germany and the Netherlands. The Fund has a mandate to invest in light industrial estates with the potential for high income and capital growth. The Fund is managed by Valad Europe.
Valad Europe manages €5.3 billion of real estate assets and investment capacity across its 24 funds and mandates in Europe, comprising in excess of 400 assets and approximately 3,700 tenants, managed by local teams totalling 180 people in 22 offices and 13 European countries.
Source: Valad Europe