A syndicate of banks led by pbb Deutsche Pfandbriefbank and Helaba has provided a EUR 300 mln senior debt facility to refinance a logistics portfolio owned by Valad Europe across Germany, France and the Netherlands.
A syndicate of banks led by pbb Deutsche Pfandbriefbank and Helaba has provided a EUR 300 mln senior debt facility to refinance a logistics portfolio owned by Valad Europe across Germany, France and the Netherlands.
The facility is jointly underwritten by a group of banks including Bawag PSK, Helaba, Natixis and pbb. Deutsche Pfandbriefbank is also the acting agent.
The portfolio is owned by the European High Income Fund, a closed-end fund managed by Valad Europe. It consists of 63 light industrial assets with a GLA of around 766,000 m2 of which 21% is ancillary office area. Eighteen properties are located in Germany, 21 in France predominantly in the Isle de France region, and 24 in the Netherlands.
Fraser Kennedy, Valad’s CFO for Europe, commented: ‘This is an excellent result for our investors in the EHI fund, especially given the current economic headwinds prevailing over the eurozone. To have successfully financed this European cross-border loan facility with a group of banks consisting of new and existing relationships is an endorsement of the quality of our European investment management platform.’
