PGIM Real Estate has provided financing for a further three separate portfolios across the UK and Continental Europe, as it continues to build its European senior loan portfolio in the logistics and industrial sectors.
The firm has provided loans in the UK of £31.95 mln for the financing of a multi-tenanted industrial and logistics property portfolio; and £95 mln to refinance nine freehold logistics assets.
In addition, it has provided a loan of €131.5 mln for the financing and acquisition of a light industrial and logistics portfolio in the Netherlands.
Andrew Macland, head of European debt, commented: 'With these loans, we continue to strengthen our debt platform and build an attractive portfolio of senior loans in logistics and light-industrial, across the UK and Continental Europe.
'Using the global reach and expertise of PGIM Real Estate, we are able to execute transactions across the full spectrum of industrial assets, taking advantage of the strong positive long-term fundamentals and meeting investor demand for the asset class. These loans demonstrate our ability to support sponsors through market uncertainty, and maintain a strong pipeline of opportunities in Europe.'
PGIM Real Estate’s European debt platform comprises £5 bn in assets under management (AUM), which includes a senior loan portfolio of over £4 bn AUM across the UK and Continental Europe.
Multi-tenanted portfolios
The first portfolio comprises 463,345 ft2 (43,046 m2) of multi-tenanted industrial and logistics space across four sites; two in Greater London and two in the North West, each in low vacancy sub-markets. All the properties have been built or refurbished in the last 13 years and are 97% occupied.
The nine freehold assets, totalling 1.3 million ft2, are functional buildings situated in mid to large industrial estates in the UK. Five of the assets are located in the Midlands. Of the remaining assets in the portfolio, one is located in the North East, and a further three in London and South East.
The Dutch portfolio consists of 12 multi-let light-industrial assets and five larger logistics assets in the Netherlands purchased by Urban Industrial. The light-industrial properties are situated in the Randstad region. Of the logistics properties, three of the assets are in Randstad, with the remaining two serving regional geographies from Zwolle and Den Bosch. The portfolio has a low vacancy rate, with the largest occupier being the country’s top provider of postal and parcel service.
