Pbb Deutsche Pfandbriefbank has provided a €115.4 mln credit facility to abrdn European Balanced Property Fund SICAV-FIS.
The facility is secured on a portfolio of logistics assets located across the Netherlands.
This comprises six properties including two assets that will be added to the portfolio once completed.
The portfolio is classified as high institutional, according to the lender, with annual rental income of around €10 mln, low vacancy and total lettable floor area of some 180,000 m2.
Norbert Mueller, head of real estate finance Continental Europe West at Pbb said: 'We are delighted to expand our relationship with the existing strategic client for the bank to the Netherlands with a strong logistics portfolio.
Added Gert-Jan Kapiteyn, fund manager at abrdn: 'This is an outstanding financing transaction with our partner pbb, testimony to the high quality of the fund’s logistics assets in the Netherlands, and further enhances the performance and growth potential of the fund.'
