Aareal Bank has signed a Common Terms Agreement for a total of € 195 million with a joint venture from Heitman LLC and First Islamic Investment Bank E.C. Aareal Bank will finance logistics properties up to this amount for the investment fund “Crescent Euro Industrial II”. The Luxembourg-based joint venture entity is an expansion of the “Crescent Euro Industrial platform” created by First Islamic Investment Bank in December 2002.
The joint venture invests primarily in centrally situated logistics centres in France, Germany and Italy.
Through this transaction, Aareal Bank has structured a comprehensive Common Terms Agreement covering several national legal systems.
“Aareal Bank’s expert team for International Logistics Financing has structured a debt financing tool that provides Heitman, as manager of the joint venture, with a level of flexibility more akin to that on the US market. This enables us to develop a diversified pan-European logistics portfolio in a very short space of time”, according to Edward Kisala, Joint Venture Manager and Senior Vice President of Heitman.
Source: Aareal Bank