P3 Logistic Parks has completed a €1.4 bn long term refinancing, arranged with a group of financial institutions inlcuding Morgan Stanley, Pbb and UniCredit Bank.
'We are pleased to have secured this competitive long-term refinancing. Our existing financing partners have been very supportive of our pan-European growth strategy, further enhanced now with several new lenders,' commented P3’s Chief Financial Officer, George Aase (pictured).
The company was advised by Eastdil Secured.
The facilities include a deal for Western Europe and Poland, fully underwritten by Morgan Stanley, with Pbb acting as agent. In the Czech Republic and Slovakia, an arangement was made via a club of five Czech and Slovak banks; CSOB, which acted as the agent, CSOB Slovakia, Komercní Banka, UniCredit Bank, and Ceská Sporitelna. CSOB is part of KBC Group, Komercní Banka is part of Société Générale Group, and Ceská Sporitelna is part of Erste Group.
The facility for Romania was arranged via Raiffeisen Bank International (RBI).
'We are delighted with the progress made by P3 and its management team since our initial acquisition. Over this period, P3 has become one of the largest fully-integrated independent logistics platforms in Europe, with in-house acquisition, development, leasing, and property management capabilities. This attractive refinancing positions the company well to continue to expand its business and support its customers,' concluded Anand Tejani, Partner at TPG Real Estate.
P3 was acquired by TPG Real Estate and Ivanhoé Cambridge in 2013. Earlier this month, EuroProperty revealed that TPG is currently in exclusive talks to sell its stake in the company to Singaporean sovereign wealth fund GIC for around €2.5bn. P3 declined to comment.
P3, headed by industry veteran Ian Worbouys, has 3.3 million m2 of assets comprising 163 warehouses across Bulgaria, the Czech Republic, France, Germany, Italy, Romania, the Netherlands, Poland, Serbia, Slovakia and Spain. It also has a 1.4 million m2 development pipeline. TPG and Ivanhoé bought the business from a forced seller, Bahraini fund manager Arcapita, following an unsuccessful IPO in 2012.
