PGIM Real Estate announced on Tuesday that it has provided financing for two portfolios in the Netherlands, one in logistics and the other in the residential private rented sector (PRS).
PGIM Real Estate granted a €56 mln three-year facility for the acquisition and refinance of seven freehold and multi-let logistics assets totalling 115,000 m2 across the country as well as a seven-year fixed-rate loan of €105 mln, to refinance the development of a PRS portfolio, in Amsterdam and Eindhoven.
The two-asset PRS portfolio, owned by Foolen & Reijs Vastgoedgroep, comprises a 13-storey mixed-use property in Amsterdam composed of 195 residential units and a property in Eindhoven totalling 437 residential units.
PGIM Real Estate - the real estate investment business of PGIM, the $1.3 tln global investment management businesses of Prudential Financial, established its European debt platform in 2010, and last year opened office in Frankfurt, Germany to run the continental European investments.
‘Senior debt lending in the UK and Continental Europe continues to present attractive investment opportunities for non-bank lenders, such as PGIM Real Estate, with long-term trends and dynamics on display across a number of geographies and sectors,’ said Andrew Macland, head of European debt. ‘These deals are examples of our ability to identify interesting opportunities and continue to support sponsors even throughout the more challenging periods.’
David Gingell, executive director for Continental debt origination based in Frankfurt, commented, ‘These loans represent our commitment to write business in markets with positive long term fundamentals, even when faced with short term uncertainty. The Netherlands is a resilient market and presents attractive opportunities as we continue to build exposure to logistics and PRS, encouraged by the increasing shift to online retail and continued undersupply of housing.’
