Germany's pbb Deutsche Pfandbriefbank has provided a €117 mln investment loan facility to a logistics fund managed by GLP Capital Partners (GCP).
The fund will utilise the proceeds for the refinancing of the development of a logistics portfolio in Poland and the Czech Republic. pbb acted as arranger and sole lender under the facility.
Accordiong to the lender, the portfolio was developed by GLP out of equity between 2021 and 2023.
the portfolio consists of eight assets along key logistic destinations in Poland and the Czech Republic. All properties are newly built Class A warehouse assets in good and established industrial locations with direct access to expressways and motorways. The portfolio comprises a total of over 245,000 m2 gross lettable area and has a diversified tenant mix.
Charles Balch, head of international clients, UK, CEE & USA, said: 'Poland and the Czech Republic are important markets for pbb and we are looking forward to continue working with GCP in the logistics sector in CEE and other European markets.'
GLP entered the European market in December 2017 through the acquisition of Gazeley, a developer, investor and manager of European logistics warehouses and distribution parks with a 2.4 mln m2 portfolio across the UK, Germany, France, Spain, Italy, Poland and the Netherlands.
In 2020, GLP followed up with the acquisition of the Polish, Czech Republic, Slovakian, and Hungarian assets of Goodman Group for €1 bn. Goldman Sachs and Citi financed that milestone transaction.
