Allianz Real Estate and ING Bank have refinanced a Czech logistics real estate portfolio for €160m.

It is the first time the German insurer – which provided €100m of the loan – has provided commercial real estate finance in the Czech Republic.

The portfolio is owned by central European real estate developer CTP.

The German insurer and Dutch bank are refinancing existing loans from a group of Central and Eastern European (CEE) banks and providing funding for new projects that have been completed this year.

Roland Fuchs, head of European Commercial Real Estate Finance of Allianz Real Estate, said: “This is our first financing of logistics real estate in the Czech Republic.

“With this transaction, we both expand our footprint in CEE and increased the logistic share in our European portfolio, not only by indirect investments in logistics funds but also by debt transactions.”

CTP said it was looking to extend its network of financing partners, including those outside the CEE region.

Zdeněk Raus, financial manager at CTP said: “We are very pleased with today’s closing between CTP, the Allianz and ING. This new credit confirms CTP’s efforts to expand our portfolio of financial partners to Western European institutions.”