Goodman European Logistics Fund (GELF) has obtained a 鈧�100 mln revolving credit facility from three banks as part of a strategy to increase the fund's size and scope.
Goodman European Logistics Fund (GELF) has obtained a 鈧�100 mln revolving credit facility from three banks as part of a strategy to increase the fund's size and scope.
Emmanuel Van der Stichele, GELF fund manager, said: 'The new revolving credit facility adds to GELF鈥檚 financial flexibility, allowing GELF to respond rapidly without the need for property specific financing arrangements when suitable investment opportunities arise.'
BNP Paribas, ING Bank and Royal Bank of Scotland acted as joint mandated lead arrangers for the facility.
GELF is managed by the Goodman Group and is Continental Europe鈥檚 largest unlisted logistics fund with a 鈧�2.3 bn portfolio of 109 prime logistics assets.
Goodman recently announced a 鈧�400 mln eurobond issue for the fund under its EMTN programme. The proceeds will be predominantly used to repay existing debt facilities and support future growth.
The fully revolving facility will have a mximum five-year term and will support general corporate purposes as well as acquisitions and on-going ownership of prime logistic property across the 11 European countries in which GELF is active.
ING Bank acted as documentation coordinator as well as facility agent.
