Pbb Deutsche Pfandbriefbank has solely underwritten a 鈧�100 mln five-year term secured facility to Segro European Logistics Partnership (SELP) to acquire the seed assets in Germany, Belgium and the Netherlands.
Pbb Deutsche Pfandbriefbank has solely underwritten a 鈧�100 mln five-year term secured facility to Segro European Logistics Partnership (SELP) to acquire the seed assets in Germany, Belgium and the Netherlands.
The German, Belgian and Dutch seed portfolio consists of nine grade A logistics estates from Segro's portfolio (six in Germany, two in Belgium and one in the Netherlands). It also includes an adjacent 80,800 m2 development site in Belgium.
With regard to the funding deal, around 鈧�85 mln will be used for the acquisition of the seed assets and adjacent land bank while 鈧�15 mln is available to refinance future development costs.
Earlier this week, it emerged that pbb has teamed up Helaba to jointly underwrite a 鈧�188 mln five-year secured facility for SELP for its acquisition of the seed assets in Poland and Czech Republic.
Charles Balch, head of Real Estate Finance International Clients, UK and CEE at pbb Deutsche Pfandbriefbank, said thie loan shows pbb鈥檚 commitment to core clients and also its ability to arrange complex cross-border transactions.
SELP is a 50:50 joint venture between Segro and Canadian pension fund PSP Investments. Its overall portfolio consists of 34 logistics properties with an aggregate floorspace of some 1.6 million m2.
