pbb Deutsche Pfandbriefbank has provided a €75m facility to a subsidiary of Hines Global Income Trust Inc for the acquisition of the specialized logistics park “Fresh Park Venlo” focused on the fresh fruit and vegetable industry. The property encompasses in total 268k m² of commercial space and infrastructure under leasehold.
The Park is subdivided into warehouses, office space and 6 parking facilities. It comprises 23 buildings which are let to around 70 tenants. In addition, there are around 25ha of development land divided over 19 plots, covering a total surface area of ca. 248k m² which are available for new-build development. The majority of the properties within Fresh Park Venlo are fully let.
Andy Smith, Managing Director, Hines Netherlands, commented: “Hines is grateful for the trust shown by pbb Deutsche Pfandbriefbank in working with us on this transaction and we look forward to expanding our relationship across the European platform.”
Norbert Mluler, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, said: “We are delighted to complete this transaction with Hines, who is a strategic client for pbb. This transaction marks a landmark for our Dutch lending business.”
