Pbb, UniCredit refinance P3's CEE assets with €215m loan

Lenders Pbb Deutsche Pfandbriefbank and UniCredit Bank Austria have jointly underwritten a €215 mln senior facility to refinance Point Park Properties' existing logistics portfolio in the Czech Republic, Slovakia and Poland.

The transaction closed in June 2014.

pbb is acting as facility and security agent of this transaction, with the underwriting of the facility being jointly provided by pbb and UniCredit Bank Austria as mandated lead arrangers. Unicredit Bank Czech Republic and Slovakia is acting as hedge provider.

The portfolio consists of five Class A modern logistics parks, located in two prime logistic locations in Prague, one outside of Bratislava, and two logistic hubs in Mszczonow near Warsaw and Poznan. The total warehouse space exceeds 550,000 m2 and is almost fully leased. The portfolio also comprises a substantial land bank in these locations for further development of additional warehouse and distribution space.

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'We are delighted to start a new lending relationship with P3, whom we have known for many years as a major player in European logistics real estate, and are looking forward to continue supporting them as they grow their business in the CEE region, and indeed across Europe as a whole,' said Charles Balch,
head of international clients, UK & CEE at pbb Deutsche Pfandbriefbank.

George Aase, chief financial officer of P3, added: 'The consolidation of numerous legacy facilities into one master facility, combined with the addition of a strong partner in pbb, further enhances P3’s efficiency.'