US, French and German banks step up to refinance big logistics and hotels portfolios.
In one of the largest private debt deals of the year so far, Morgan Stanley and Credit Agricole provided a €680 mln debt package to Blackstone to refinance the 15-strong Spanish portfolio owned by the US investor’s Hotel Investment Partners. It was structured as €475 mln of senior debt priced at 300 basis points over Euribor and a further €205 mln of mezzanine which cost Blackstone 7%.
HIP says it is the leading investor in leisure hotels in Southern Europe with 21,479 rooms rented by the likes of Melia, Marriott and Ritz Carlton.
Three German banks, led by Helaba, provided €505 mln of debt to VIB Vermögen, the listed company majority owned by DIC Asset. The seven-year finance is secured on VIB’s German logistics portfolio, comprising 45 assets, and expands and repays an existing loan.
Pbb Deutsche Pfandbriefbank also refinanced a - smaller - logistics portfolio, this one for GLP, lending €117 mln secured on 245,000 m2 of Czech and Polish properties.
And there were several more large facilities closed by non-bank lenders: Precede Capital Partners which recently linked up in a JV to lend with QuadReal, wrote a £188 mln whole loan for the development of 722 apartments in Birmingham; Cheyne Capital provided £150 mln of debt for Castleforge and Malaysian investor Gamuda Berhad’s £257 mln Winchester House purchase in the City of London, a deal reported on last week.
Gamuda said the buyers had secured a ‘favourable payment schedule’, putting down just £20 mln upfront for the London Wall office building.
Other opportunistic buyers this week include Ikea’s property investment arm Ingka Group which made two separate investments: two prime logistics warehouses in Dublin, which are to be used partly for Ikea; and Hammerson’s 25% interest in a central Paris shopping centre. Meanwhile Blackstone finalised a deal to take private another listed UK industrial specialist, reportedly after months of negotiating.
We also track the latest assets on the market, all of which are offices and including the second Munich offer in as many weeks, plus four funds raising.
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