German lender Pbb Deutsche Pfandbriefbank has provided a €75 mln facility to a subsidiary of Hines Global Income Trust for the acquisition of the Fresh Park Venlo logistics park in the Netherlands, focused on the fresh fruit and vegetable industry.
The property encompasses 268,000 m2 of commercial space and infrastructure under leasehold and comprises 23 buildings which are let to around 70 tenants.
In addition, there are around 25 hectares of development land divided over 19 plots, covering a total surface area of 248,000 m2 which are available for new-build development.
The majority of the properties within the park are fully let.
Andy Smith, managing director at Hines Netherlands, commented: 'Hines is grateful for the trust shown by pbb Deutsche Pfandbriefbank in working with us on this transaction and we look forward to expanding our relationship across the European platform.'
