German lender Deutsche Hypo Nord/LB Real Estate Finance is providing a joint venture of VGP and Deka Immobilien with around €330 mln for the joint financing of a logistics portfolio.
The term of the loan is seven years.
The logistics portfolio held by the joint venture, with a value of around €1.1 bn, comprises five logistics parks with a total of 20 properties, with the package being made up of existing buildings and project developments to be completed by 2024.
The parks are located in Germany and have already been on a long-term basis.
"The joint venture will create a stable and long-term portfolio of first-class logistics properties," said Dieter Koch, head of the Deutsche Hypo Nord/LB real estate financial solutions team.
'We are very pleased to support VGP, our long-standing customer, and Deka Immobilien, one of the largest global real estate fund companies, in this project,' added Koch.
VGP and Deka unveiled their logistics joint venture in July of this year. The assets have been or are being developed by VGP, which also continues to be the asset, property and development manager of the assets.
