pbb Deutsche Pfandbriefbank has provided a €70 mln medium-term amortizing facility to YS investments, a 100% joint venture between Stam Europe and York Capital Management.
The loan was used for the acquisition of the €100 mln logistics portfolio, dubbed the Wolf portfolio, located throughout France and sold by Proudreed, first reported by PropertyEU in July.
'pbb Deutsche Pfandbriefbank is very pleased to support the joint venture between STAM Europe and York Capital in its first French acquisition. The Wolf portfolio historically benefits from a high occupancy rate thanks to the quality of its location within the logistic corridor,' said Norbert Müller, head of real estate finance Continental Europe West at pbb Deutsche Pfandbriefbank.
The deal includes 19 assets totaling circa 360,000 m2 of space. The properties are located within the French logistics corridor from Lille to Marseille, and are 86% occupied.
STAM Europe and York Capital have said they are focusing on acquiring yielding properties with asset management potential.
