Clarion Partners Europe has agreed two new debt facilities, totalling €50m, secured against its Brebieres warehouse and Marolles sur Seine development in France.
At its Brebieres warehouse, which was completed in Q2 2021, Clarion Partners Europe has refinanced a previous development loan with a €36.6m investment facility with ING Bank. Located within the main French logistics corridor, with 31.5 million people living within 200km, the asset is let to ID Logistics, the international contract logistics group.
At Marolles Sur Seine, in Northern France, Clarion Partners Europe has secured a circa €13m facility with two funds managed by Zencap Asset Management, which will part-fund the development of a 37,295m², institutional quality warehouse. Targeting a BREEAM Very Good certification, the property is strategically located 80km southeast of Paris, which is accessible within one hour’s drive via the adjacent A5 motorway with expected completion in Q3 2022.
Rory Buck, Managing Director at Clarion Partners Europe, commented: “Reflecting the strength of our banking and alternative lenders relationships across Europe, the compelling investment case for logistics real estate, and institutional quality of both assets, these new loan facilities further improve the portfolio’s overall debt profile.”