Valor Real Estate Partners and QuadReal Property’s European logistics investment venture has completed €105m in refinancing from property lender PBB Deutsche Pfandbriefbank.

Valor said the logistics investment partnership has completed the three-year refinancing of a five-asset urban logistics portfolio located across Paris and Lyon.

The facility refinances an initial €105m facility, completed with commercial real estate lender PBB in 2022, which was secured against a six-asset last-mile logistics portfolio. One of the assets, located in Limeil-Brévannes, was sold in 2024.

Miles Muthu, vice president of capital markets at Valor, said: “We have executed our original business plan as intended. Five of the six originally financed assets have been fully refurbished and we’ve subsequently achieved significant rental uplifts ahead of our initial underwriting – reaching €200 per sqm on some units.

“The Limeil exit crystallised strong returns, and we are now focused on maximising value across the retained portfolio.”

Olivier Katan, head of real estate finance France at PBB, said: “Together with the Paris team at pbb, notably Johann Demazel and Nicolas Rousseau, we are delighted to support Valor in the redevelopment of this value-added logistics transaction with a strong ESG dimension.

“This transaction not only provided an opportunity to work with the Valor teams once again but also illustrates our commitment to supporting our clients in improving the energy performance of their assets, thanks to our institutions proven expertise in financing accretive capex for all types of assets.”

Thomas Blangy, SVP at QuadReal, said: “The success of this refinancing is testament to the attractiveness and quality of these assets.

“Alongside Valor, we have built a robust portfolio of best-in-class industrial and logistics assets across Europe and the UK, with France representing a key area of strength, in line with our global investment strategy of targeting high growth urban logistics hubs in key markets.”

An earlier version of this story contained a mistake in the headline figure, which has since been corrected.

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