German lender pbb Deutsche Pfandbriefbank has provided an EUR 80 mln extension to loan facilities made available to Tamar European Industrial Fund (TEIF). The facilities, which have been reduced from EUR 88 mln to EUR 80 mln following the sale of an asset in Norway will be extended for a period of 3.5 years from the current maturity of 22 November 2011.
German lender pbb Deutsche Pfandbriefbank has provided an EUR 80 mln extension to loan facilities made available to Tamar European Industrial Fund (TEIF). The facilities, which have been reduced from EUR 88 mln to EUR 80 mln following the sale of an asset in Norway will be extended for a period of 3.5 years from the current maturity of 22 November 2011.
The leverage, based on the bank's valuation, is just under 65% Loan to Value and is secured on a portfolio of industrial properties in Germany and Scandinavia.
'We are delighted to have concluded another financing continuing our relationship with Tamar for their ongoing management of this portfolio,' said Harin Thaker, head of Real Estate Finance International at pbb Deutsche Pfandbriefbank.
Rob Brook, managing director of TEIF, added: 'The transaction concludes EUR 174 mln of refinancing of all of the fund's debt allowing it to move forward with its strategy.'
The day one cost of finance will be 5.84%, including the margin and swap together with arrangement fees. The transaction brings the current average cost of debt across the fund to 6.54% (including arrangement fees) with a minimum average life of three years.
