pbb provides STAM Europe and York Capital with €70m loan (DE)

pbb Deutsche Pfandbriefbank has agreed a circa €70m medium-term amortizing facility for YS investments, a 100% joint venture between STAM Europe and York Capital Management. The loan was used for the acquisition of a logistics portfolio located throughout France and sold by Proudreed (the so called “Wolf Portfolio”). The transaction closed in June 2016. The logistics portfolio includes 19 assets totaling circa 360,000m² of space. The properties are located within the French logistics corridor from Lille to Marseille, with the portfolio benefitting from an 86% occupancy rate with a diversified tenant base. STAM Europe’s and York Capital’s strategy is to buy yielding assets which unveil upside potential through intensive asset management.

Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, said: "pbb Deutsche Pfandbriefbank is very pleased to support the joint venture between STAM Europe and York Capital in its first French acquisition. The Wolf portfolio historically benefits from a high occupancy rate thanks to the quality of its location within the logistic corridor.”

Antoine de Broglie, Chairman of STAM Europe, said: “Both York and ourselves have particularly appreciated the support of pbb in this transaction. The French team of the bank has been understanding, flexible and responsive in the setting up of this significant and somewhat complex transaction”.