Allianz Real Estate has provided £240m (€280m) in debt funding to BentallGreenOak to help develop a 2.4m sqft portfolio of UK logistics assets.
The funding, which is being made through Allianz Real Estate’s European debt fund will help BentallGreenOak and its development partner Equation Properties, develop the sites at Milton Keynes, Felixstowe, Basildon, Bristol and Wembley.
The lending relationship is Allianz Real Estate’s first transaction with BentallGreenOak in Europe. Allianz Real Estate already has an established lending relationship with BentallGreenOak in the US.
Shripal Shah, the head of real estate finance UK at Allianz Real Estate, said: “This is our first transaction with BentallGreenOak in Europe and extends the lending relationship for Allianz with a prime, like-minded and highly reputable partner.
“These will be core, well-located and sustainable assets catering for a fast-growing market.“
Roland Fuchs, the head of European real estate financing at Allianz Real Estate said: “European debt remains a fundamental driver of growth for Allianz Real Estate. Our dedicated approach and market experience make the firm well-positioned to meet institutional demand across asset classes and asset types.
“Our expectation is that lending will remain strong as economies recover and new requirements such as ESG mean borrowers look to work with prime partners such as Allianz.”
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