European logistics specialist Delin Capital Asset Management has completed a €32 million term loan agreement with ING Bank, secured against a distribution warehouse in Waddinxveen in the Netherlands.
The 44,142 square metre warehouse is located at Distripark A12. It is fully let to Van Uden Group. The asset was originally acquired in 2015 on behalf of Delin’s Capital Preservation Portfolio (CPP I), the company’s inaugural core plus logistics fund.
Following the transaction, Delin has completed the financing of all of its €500 million CPP I assets, comprising 16 properties located in the UK, Belgium and the Netherlands. The firm said that the loan proceeds are expected to finance future investment acquisitions and its growing development pipeline.
“Having successfully completed the financing of our investment portfolio, we now look forward to recycling this capital into new transactions and developments that will continue to deliver a strong total return to our investors,” said Ekaterina Avdonina, managing director of Delin Capital Asset Management.
“The transaction fits within ING’s strategy to maintain longstanding relationships with leading asset managers of logistic assets and grow our exposure to the sector,” added Arie Hubers, head of ING wholesale banking real estate finance.