Citibank has financed Blackstone’s acquisition of a logistics portfolio in France and Germany at a margin in the region of 300 basis points.
Its €350m loan represented a 75% LTV against the €473m purchase from French investor Foncière des Régions. The 17 assets are financed for the next five years.
Another recent European logistics financing is Blackstone Real Estate Debt Strategies’ €220m loan for Internos Global Investors’ Invista European Real Estate Trust, secured against mainly French and German distribution assets.
BREDS is seeking to syndicate €100m and is thought to have several participants lined up – from European banks to debt funds and large US investment banks.
The facility has an initial maturity of three years and a margin of 770 bps.