Dutch lender ING has arranged a massive €580 mln facility to refinance AEW’s European logistics fund, PropertyEU can reveal.
ING acted as sole underwriter and mandated lead arranger in the operation, with the syndicate of lenders including German banks PBB, Berlin Hyp as well as Dutch investment firm NN Investment Partners and Ireland’s AIB.
AEW’s so-called Logistis fund is the owner of a portfolio of 42 existing and under development Class A logistics assets, located in prime locations in four countries (Germany, Czech Republic, Poland and the Netherlands) with a total surface area of 1,200,000 m2.
The refinancing brings the fund's total debt to more than €1.2 bn, following the refinancing of the French portfolio consisting of 58 existing assets arranged by ING for €660 mln back in June 2020.
‘The quality of the logistics platforms, their locations and the Fund's track record enabled Logistis to benefit from flexible and competitive refinancings,’ AEW said.
Logistis plans to continue to diversify and intensify its footprint across the main European logistics hubs to grow to around €4 bn of assets under management, from some €3 bn at present. The fund will maintain a build-to-core strategy focused on creating strategic assets, from large multi-modal logistics parks to urban logistics platforms.
‘We are delighted to assist AEW in the pan European development strategy of Logistis, consisting of building new parks in recognized hubs and controlling the letting process to maximize value,’ said Geoffroy de Vibraye, co-head of ING Real Estate Finance France. ‘These financings illustrate ING’s ability to structure and arrange large, complex cross border deals combining stabilized and under development assets, matching our deep footprint in Europe.’
Clifford Chance acted as legal advisor on the borrowers' side, De Pardieu Brocas Maffei and DLA Piper on the lenders' side.
