Funds managed by Apollo Global Management and another unnamed non-bank lender have provided a €1 bn, 5-year floating-rate senior loan in connection with Blackstone’s acquisition of 132 logistics properties across Sweden.
The portfolio totalling 1 million m2 was bought by Blackstone earlier this year from Castellum and a number of other smaller sellers as part of a strategy focused on aggregating urban logistics assets across Europe.
Apollo will provide €517 mln equivalent roughly 51% of the funds, with the balance coming from the other non-bank lender
‘We were extremely pleased to work with Blackstone in providing a creative capital solution for this high-quality, well-located portfolio of logistics assets throughout Sweden,’ said Ben Eppley, partner and head of Apollo’s European Commercial Real Estate Debt business. ‘Nearly three quarters of the portfolio is located in Stockholm, Gothenburg and Malmo, Sweden’s three largest cities and primary logistics hubs. The portfolio is expected to benefit both from reversionary potential as well as rental growth as a result of Sweden’s shifting consumer trends towards e-commerce. We value our long standing relationship with Blackstone and were able to offer them a flexible structure through our access to Apollo’s multiple permanent capital balance sheet vehicles.’
Apollo Commercial Real Estate Debt has deployed over $44 bn globally since 2009 and current CRE debt AUM is $29 bn.
