US investment bank Goldman Sachs has won the race to provide Blackstone’s Logicor UK’s portfolio with a £680m five-year refinancing facility at a margin of just over 200bps.
The deal reflects a loan to value of around 70% on Logicor UK’s £970m, 11.7m sq ft portfolio.
Blackstone appointed Eastdil Secured last month to look for £1bn of new debt to refinance the UK and French portfolios of its Logicor logistics platform. It is still hunting for €400m to refinance the 18.2m sq ft French portfolio valued at €600m.
A host of banks including Citi, Credit Agricole and BNP Paribas are believed to be vying for the French deal and fierce competition has driven the margin below 175bps.
Blackstone has been looking to reduce Logicor’s financing costs and could sell the platform towards the end of 2015 or early 2016.