Germany's Aareal Bank has financed the French portfolio owned by Segro's partnership with Canadian pension fund investor PSP Investments.
Germany's Aareal Bank has financed the French portfolio owned by Segro's partnership with Canadian pension fund investor PSP Investments.
The Segro European Logistics Partnership (SELP) portfolio in France comprises 15 estates with 27 buildings providing an aggregate floor space of 556,800 m2.
Aareal acted as lender, arranger and agent for the €140 mln, seven-year facility.
SELP is a 50:50 joint venture between UK logistics property specialist Segro and PSP Investments, one of Canada’s biggest pension investment managers. Within the joint venture, Segro acts as venture manager, property manager and developer.
SELP's overall portfolio consists of 34 logistics properties with an aggregate floor space of some 1.6 million m2. The properties offer modern distribution space in prime locations in France (36%), Poland (38%), Germany (13%), Belgium/Netherlands (9%) and the Czech Republic (4%). The portfolio has an occupancy level of 96%, with a weighted residual term of around 6.75 years. Its aggregate market value is around €1 bn.
