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Real estate investment manager Valad Europe has completed a €76 mln refinancing of one of its funds with German bank Helaba.

The refinancing of the Parc d’Activites fund sees the terms of its debt facilities extended to June 2018. The fund comprises 12 multi-let light industrial assets located in France with a total value of €152 mln.

Helaba is acting as arranger, sole lender and hedging provider for the debt facilities. The loan is secured against the fund’s portfolio.

Since the beginning of 2012, Valad Europe has refinanced around €1.9 bn across six of its funds and mandates with a variety of bank lenders.

Valad Europe also significantly expanded its Central and Eastern Europe platform this February by taking over the management of GE Capital Real Estate's €500 mln Polish retail property fund.

Valad Europe CEO Marty McCarthy believes the loan represents a vote of confidence in the group’s strategy. ‘This is a time when banks are only lending when they have confidence in the assets against which the loan is secured and in the investment manager’s track record,’ he said.

‘Having completed the acquisition phase of the fund in 2012 and with financing now secured for the life of the fund, we can focus our efforts on actively managing the fund’s assets to optimise returns for our investors.’

Valad Europe now manages €4.3 bn of assets in Europe across 16 funds and mandates, comprising more than 600 assets and 5,500 tenants.