Internos Global Investors has secured a €220 mln credit facility from a Blackstone subsidiary to refinance a portfolio held by its IERET fund.

Internos Global Investors has secured a €220 mln credit facility from a Blackstone subsidiary to refinance a portfolio held by its IERET fund.

The loan, which was granted by Blackstone Real Estate Debt Strategies (BREDS), refinances a Bank of Scotland facility and has been structured to support IERET’s asset recycling programme.

Internos took over the management of the Luxembourg-registered Invista European Real Estate Trust SICAF (IERET) in late 2011. The fund, which has a portfolio valued at over €316 mln, has been pursuing an active programme of disposals to reduce its borrowings and plans to sell off a further 14 assets.

With the Blackstone funds, London-listed IERET aims to consolidate its portfolio around a core of logistics assets and boost the value of its retail assets through targeted investments in Germany.

The portfolio currently consists of 32 assets in six European countries.

Internos is a global investment, asset and fund management platform based in London with assets under management of over €4.1 bn.