ING finances LogiCor deals in CEE

ING Bank Skaski is leading a €174 mln term loan for a portfolio of logistics assets in Poland and the Czech Republic acquired earlier this month by LogiCor.

Nordea Bank Polska is joining the financing as arranger with a €75 mln ticket. LogiCor is Blackstone’s European logistics platform.

LogiCor announced on 4 July that it had acquired a portfolio of six prime logistics assets totalling 200,000 m2 in Poland and the Czech Republic from investors advised by Pramerica Real Estate Investors. Five of the properties are located in Poland and one in the Czech Republic.

The assets are: Panattoni Parks located in Czeladz, Krakow, Gliwice, Park Blonie and Prague Airport, and Stolica Business Centre Lazy. The properties are almost fully let, and key occupiers include Amazon, DSV, Saint-Gobain, UPS, CEVA, Huhtamaki, Nagel, Rohlig, and Hellman.

ING Bank Slaski initially closed a first term loan on 6 May for €92.3 mln to finance Blackstone’s acquisition of three Polish logistics assets from Standard Life Investments Select Property Fund. The loan facility was further expanded after LogiCor acquired the six additional assets earlier this month.

ING subsequently fully wrote an extended loan up to €174 mln in its capacity as mandated lead arranger, account bank and agent. That loan closed on 1 July.

ING Bank Slaski is a member of ING Bank and one of the largest banks in Poland. ING Bank through its Real Estate Finance franchise is one of the leading commercial real estate lenders in Europe with a portfolio of over €24 bn with offices in Europe, US and Asia.

Nordea Bank Polska is a member of PKO Bank Polski Group, the largest bank in Poland. Nordea Poland's Real Estate Finance Team delivers tailor-made financing for the real estate sector, from development financing to medium-term investment loans for projects in all real estate segments located in primary and secondary cities.