The bank has provided a five-year loan of €285m to fund thepurchase of 17 assets from SEB, bought for €270m in July, and six Spanish assets that were bought from Gran Europa for €130m in August. The deal reflects a loan-to-value of just over 71%.
Citi has been establishing itself as one of the main financiers of real estate private equity firms in Europe this year.
It has already teamed up with Blackstone twice, having in June financed the €473m purchase of a 17-strong logistics portfolio from Foncière des Régions with a €350m loan and backed Blackstone’s €350m acquisition of a portfolio of four office properties in Düsseldorf from Portigon in February.
Citi also ventured into the logistics market with Oaktree Capital Management in June, backing them to buy a £200m UK portfolio that was previously owned by Rockpoint and Lehman Brothers. It also provides loan-on-loan financing to Lone Star for its NPL purchases, including a loan of around £1bn for the acquisition Projects Rock and Salt from IBRC in February.