The assets, totaling 1.77m sq ft, and are held in its Delin’s €400m Capital Preservation Portfolio I fund, which was launched in October 2012. The five-year facility will allow the fund to buy new, income producing logistics investments in the UK and the Netherlands. The loan-to-value for the facility is understood to be around 60% with a margin of around 200 basis points.
The agreement with Pbb follows on from the fund taking out a €74m, five-year loan with Düsseldorfer Hypothekenbank in January at a 50% loan-to-value against five Dutch assets totaling 2m sq ft.
Christian Jamison, chief executive officer of DCAM, said:
“We are very pleased to have been able to secure this new tranche of leverage which is directly in line with our strategy for CPP I as we remain focussed on the sustainable growth of the fund. Having successfully leveraged our Dutch portfolio earlier in the year, we are now well placed to recycle further capital into new acquisitions to ensure we continue to deliver accretive capital returns to our investors.
“The market opportunity in logistics in our target markets remains extremely compelling, driven by the number of well capitalised institutional investors seeking access to low risk, core income producing assets coupled with strong e-commerce and manufacturing trends. As such, and as a result of the success of CPP I, which we expect to reach its €400m target by the end of the year, we will look to raise new funds to ensure we remain well placed to capitalise on these attractive investment dynamics.”