Allianz Real Estate has provided a €271m loan to help refinance a portfolio of properties developed by Dutch logistics firm Intospace.
Allianz Real Estate said it has provided 90% of a €301m facility to Intospace for its portfolio of six new fully-let logistics assets in the Netherlands.
Dutch bank ABN AMRO, as arranger, co-lender and facility and security agent on the transaction, provided the remaining 10% of the financing.
Allianz Real Estate said around 20% of its €271m contribution will come from the manager’s Luxembourg-based debt fund PAREC.
Intospace, which is owned by Dutch investment firm Somerset Capital Partners, will use the loan to fund developments.
Bruno Dord, the head of real estate finance at the Paris hub at Allianz Real Estate, said: “We’re delighted to welcome Intospace as a new partner for our financing business. Our belief in the logistics sector, the quality of the assets and the expertise of Intospace combine to make this transaction a superb addition to our European lending platform.
“Our origination expertise and our pan-European network of business partners has once again delivered a transaction that will create real value for our Allianz and third-party investors.”
Maarten de Ruijter and Matthijs van der Horst on behalf of ABN AMRO, said since 2014 ABN AMRO and Somerset’s logistics platform Intospace have built a successful track record of more than 20 logistic development projects with a financing volume of approximately €1bn.
“We value our long-term partnership with this leader in logistics real estate and are proud to have been able to show our capabilities in real estate and debt capital markets with facilitating this new chapter in Intospace’s strategy execution.”
Tim Beckmann, CEO at Intospace, said: “With Allianz and ABN AMRO, we have two solid debt financing partners, which will enable us to fulfil our growth ambitions.”
Beckmann said Intospace is a one-stop platform for future-proof warehousing solutions with a vision to develop long-lasting products that are going to be used by generations to come.
“We are delighted that Allianz and ABN AMRO share our vision and want to form this partnership with us.”
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