Valad Europe, the leading independent diversified real estate investment manager, has agreed a €22 million, five-year, loan with SaarLB, the German Landesbank of Saar, to finance the first two French investments for its Valad European Diversified Fund (VEDF).
The assets secured against the loan are Orléans Plaza, Orléans, and a portfolio of three offices in the south west region, located in Mérignac, Floirac and Toulouse.
Since broadening VEDF’s geographic remit last year to include France, Valad has invested in excess of €50 million in five office buildings for the Fund, with a further €60 million under offer or exchanged.
Karl Delattre, Valad Europe’s Head of France, commented: “We are delighted to have agreed this loan with SaarLB and to welcome them as a new banking partner. We look forward to working together on similar financing arrangements as we continue to increase VEDF’s investment portfolio in France.”
Roger Lang, SaarLB’s Head of Real Estate Financing - France, said: “We are very happy to be able to support Valad Europe on these two French acquisitions and look forward to partnering with the team in the future.”
The Valad European Diversified Fund is a €1 billion fund which employs leverage between 50 - 65%. The Fund invests in Core Plus / Value Add assets in the UK, Germany and France with individual lot sizes between €5 - €50 million, across the office, retail and industrial distribution warehouse/smaller logistics sectors.
Wragge Lawrence Graham & Co and Allez Associés Notaires acted on behalf of Valad Europe. SaarLB was advised by Etude Lasaygues, Hubert de Vaulgrenant.