ING Bank, BNP Paribas and Royal Bank of Scotland have acted as joint mandated lead arrangers for a EUR 400 mln revolving credit facility for Goodman European Logistics Fund (GELF) as part of a broader strategy to increase the fund size and scope.
ING Bank, BNP Paribas and Royal Bank of Scotland have acted as joint mandated lead arrangers for a EUR 400 mln revolving credit facility for Goodman European Logistics Fund (GELF) as part of a broader strategy to increase the fund size and scope.
In addition ING Bank has provided a EUR 100 mln four-year bilateral loan as part of a broader refinancing of GELF's bank facilities. The debt is secured against a number of GELFs Dutch assets.
GELF is managed by the Austrialian listed logistics group Goodman and is one of Continental Europe's largest unlisted logistics funds with EUR 1.6 bn of prime logistics assets. Goodman recently announced a EUR 400 mln rights issue for the fund. In addition, GELF has also just put in place EUR 400 mln of bilateral secured debt facilities.
The combined capital raising allows the progression of GELF's development and investment programme, giving the fund capacity to increase gross assets to EUR 2 bn.
The revolving facility will run for four years and support the acquisition, development and on-going ownership of prime logistic property across the 11 European countries in which GELF is active.
ING Bank will act as facility agent and BNP Paribas has been appointed as ratings adviser to GELF.
