Pbb provides EUR 50m financing to Prologis scheme

German financier pbb Deutsche Pfandbriefbank has provided a £40 mln (around EUR 50 mln) senior facility to finance a UK logistics property for Prologis European Properties Fund II.

The transaction closed on 15 June 2012. Pbb was the arranger, sole lender and hedge provider of this financing of the 76,000 m² Daventry distribution centre. The property is let to retailer Tesco Stores on a 25-year, full repairing and insuring lease. It forms part of the Daventry International Rail Freight Terminal (DIRFT).