US-headquartered alternatives manager Apollo Global Management and Wiesbaden-based Aareal Bank announced a financing deal providing “certain funds” linked to Apollo with up to €800m in borrowing for a pan-European logistics portfolio.

Apollo declined to comment on whether the debt facility was for its joint venture with industrial property specialist Palmira Capital Partners, announced last October, to invest more than €1bn in modern logistics facilities across Europe.

The two parties announced that “certain funds affiliated with” Apollo Global Management and Aareal Bank “have closed a debt facility of up to €800m with a five-year term, for the financing of a pan-European portfolio of logistics properties”.

In the statement, they said the tailor-made facility provided “stability, security, and flexibility for Apollo’s growing and diverse pan-European logistics portfolio”.

Dominik Jais, partner, European principal finance at Apollo, said: “We are thrilled about Aareal Bank’s ability to provide our funds with a long-term stable facility that supports the desire to grow our platform of logistics properties over the coming years.”

Meanwhile, Christof Winkelmann, member of the Aareal Bank’s management board, said the bank was “delighted that we were able to provide this complex financing for a cross-border portfolio, together with such renowned partners, within just 10 weeks”.

In October 2017, Palmira said its joint venture with Apollo, set up with the Apollo European Principal Finance III Fund (EPF III), had already invested €100m in four transactions in Germany and that more than €400m of further deals in five countries were going through the due diligence process.