Valad Europe, the leading diversified real estate investment manager in Europe, has completed a €76 million refinancing of its Parc d’Activités fund with Helaba, extending the term of the debt facilities to June 2018. Helaba is acting as Arranger, Sole Lender and Hedging Provider for the facility.
The loan is secured against the Parc d’Activités portfolio of 12 multi-let light industrial assets with a total value of approximately €152 million. 11 of the assets are located in the Ile-de-France region (Greater Paris) with one asset located in Nord-Pas-de-Calais.
Marty McCarthy, Valad Europe’s Chief Executive Officer, commented: “It is a great result for our investors in Parc d’Activités to have completed the refinancing ahead of maturity. Having completed the acquisition phase of the fund in 2012 and with financing now secured for the life of the fund, we can focus our efforts on actively managing the fund’s assets to optimize returns for our investors.”
“This is a time when banks are only lending when they have confidence in the assets against which the loan is secured and in the investment manager’s track record and therefore demonstrates Valad Europe’s close relationship with Helaba, with whom we have facilities totaling approximately €150 million.”
Michael Kröger, Head of International Real Estate Finance at Helaba, commented: “We are delighted to have been able to support Valad Europe on the refinancing of the Parc d’Activités fund. Helaba’s relationship with Valad Europe covers a number of markets and transactions. The Fund holds a good underlying portfolio of assets and Valad Europe has demonstrated its tenacity in managing and delivering value against the background of a turbulent Eurozone economy.”
Since the beginning of 2012, Valad Europe has refinanced approximately €1.9 billion across six of its funds and mandates with a variety of bank lenders. In January it completed a €45 million refinancing of the University Capital Trust (UCT) with Lloyds Banking Group, extending the term of the debt facilities to December 2014.
Valad Europe’s portfolio of 40 properties in France are held in four of its 16 funds and amount to over half a billion εuros in value. The French estate comprises more than 700,000 m² and 900 tenants, managed by Valad Europe’s team of 23 experienced property professionals located in its office in Paris.