Allianz Real Estate said on Monday that it has diversified its European debt investment portfolio by providing a €100 mln loan to refinance a logistics portfolio in the Czech Republic.
Allianz Real Estate, acting on behalf of several Allianz entities, teamed up with ING Real Estate to underwrite the €160 mln loan for borrower, CTP Property. The loan serves both to refinance CTP's existing loans from a group of CEE banks as well as to finance new projects which have been completed in 2017.
'This is our first financing of logistics real estate in the Czech Republic,' said Roland Fuchs, head of European Commercial Real Estate Finance of Allianz Real Estate. 'With this transaction we both expand our footprint in CEE and increased the logistic share in our European portfolio, not only by indirect investments in logistics funds but also by debt transactions.'
'This new credit confirms CTP's efforts to expand our portfolio of financial partners to Western European institutions,' added Zdenek Raus, financial manager at CTP.
The portfolio of CTP comprises 22 warehouses and light industry properties with 325,500 m2 across the Czech Republic.
