Garbe Industrial Real Estate has obtained a €380 mln loan to refinance a logistics portfolio in Germany and The Netherlands on behalf of a joint venture.
The loan was secured from a consortium led by Deutsche Pfandbriefbank (pbb) and including lenders Berlin Hyp and Helaba, with pbb acting both as arranger and joint lead manager.
The facility is backed by a portfolio of 29 properties in established logistics locations both in Germany and the Netherlands, with a combined gross lettable area of around 631,000 m2. The warehouse units are let to blue-chip logistics firms on long-term leases.
The package is part of a larger portfolio that Garbe acquired for €430 mln on behalf of a joint venture in 2016, and that the company has since expanded to a volume of €830 mln through active management. Garbe has been able to achieve an IRR of more than 45% for this portfolio since 2016 or a fivefold increase in the equity invested.
Gerhard Meitinger, head of Real Estate Germany at pbb, said: ‘The structuring of this very complex cross-border financing together with two strong partners shows that it is possible to provide our clients with individual financing solutions even in a special market environment. We are pleased to accompany our long-standing client in their further development together with our two bank partners.’
Miriam Weyrowski, Team Head Portfolio Management at Garbe Industrial Real Estate, commented: ‘Our investors benefit from Garbe’s holistic ‘end-to-end’ management approach that relies exclusively on in-house resources to cover the entire property value chain and thereby achieve an above-average value-creation. We are pleased to say that, in this case, we were able to draw on our long-term and trust-based collaboration with pbb as basis for structuring a bespoke financing arrangement for this successful refinancing portfolio while also bringing in Berlin Hyp and Helaba.’
