CBRE IM has secured an initial €275 mln unsecured term loan facility, including an accordion option of up to €500 mln, for its pan-European logistics projects.
The financing will be provided by ABN AMRO, Crédit Agricole CIB (CACIB) and ING Bank, which are also the banking partners of the strategy.
The loan facility, which will be sustainably linked in 2023, will be used to refinance maturing debt and fund new acquisitions, enabling the strategy to grow further and position itself to access multiple debt capital sources.
Tom Berens, senior director, treasury debt & financing team at CBRE Investment Management said: ‘Today’s announcement is the culmination of a very thorough process and we are delighted that this facility has been secured. It is a testament to our reputation as a firm and to the strong relationships with our strategic banking partners that we prioritise. Despite this capital-constrained market, we are still able to raise a significant debt quantum and we look forward to harnessing the opportunities this new facility will allow us to capitalise on.’
Axel Sibmacher van Nooten, managing director at ABN AMRO added: ‘With sustainability being the core to ABN AMRO’s purpose, we see a clear role for ourselves to support our clients in transitioning to more sustainable investment portfolios with high ESG standards. As such we are pleased to have acted as Coordinator and Mandated Lead Arranger in this facility along with CACIB as Mandated Lead Arranger and ESG Coordinator and ING as Mandated Lead Arranger and Facility Agent in support of CBRE IM’s strategy to continue growing its business over the coming years, whilst simultaneously contributing to the overall sustainability goals of CBRE IM as a firm.’
Régis Aubert, managing director at CACIB, said: ‘We are delighted to pursue, through this facility, our partnership with this flagship fund of CBRE IM and to have contributed to putting in place a sustainability-linked loan at the highest standard of the industry, a testimony of CBRE IM strong ESG ambitions for its Pan Europe Logistics strategy.’
Arie Hubers, head of ING WB real estate sector Benelux, commented: “It is with great pleasure that we contribute to CBRE IM’s Pan Europe Logistics strategy. Our ambitions are a perfect fit: we aim to enhance sustainability in real estate, together with trusted (lending) partners in the market.”
