German lender pbb Deutsche Pfandbriefbank has provided two acquisition facilities, totalling €78 mln, to companies managed by GLL Real Estate Partners on behalf of unnamed Korean institutions.
The loans will finance the acquisition of two distribution centres in Wroclaw and Poznan. The assets were developed by Panattoni Europe and completed in 2014. They are let on long term leases to a major international e-commerce group, for whom they serve as European fulfillment centers.
Each of them provides 123,000 m2 of gross lettable space.
Charles Balch, head of real estate finance international, UK & CEE at pbb Deutsche Pfandbriefbank, said: 'pbb is delighted to complete this transaction for GLL - one of our key clients across our European network. Demand for well let, blue-chip product in the growing logistics asset class is increasing rapidly and we are pleased to facilitate acquisitions on behalf of established investors.'
