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Natixis and AXA complete refi for pan-European logistics fund

Natixis has underwritten a term loan and revolving bridge facility totaling €154 million for CBRE Global Investors’ European Industrial Fund (EIF). The French bank structured and arranged a seven-year, €123.7 million term loan, bringing in AXA to take 50 percent of the debt.

Natixis has underwritten a term loan and revolving bridge facility totaling €154 million for CBRE Global Investors’ European Industrial Fund (EIF).

The French bank structured and arranged a seven-year, €123.7 million term loan, bringing in AXA to take 50 percent of the debt. The leverage is low, at about 35 percent loan-to-value and is secured on 14 core logistics assets in EIF’s pan-European portfolio.

Natixis is the sole arranger of the revolver which will provide a further €30 million for pre-financing future acquistions for the semi open-ended fund.

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Pierre-David Baylac

Pierre-David Baylac, EIF’s fund manager at CBRE GI, said EIF is “growing fast, with a focus on high quality logistics and cross dock assets.”  Its portfolio properties securing the loan comprises 10 distribution centres in France, Belgium and the Netherlands and four others in Spain, Portugal and Germany.

Thierry Bernard, head of real estate finance Europe at Natixis, added: “The loan structure was customised in order to support EIF growth ambitions.”

EIF was created in 2006 and is one of a number of former ING funds which have been restructured in the last three years after ING’s merger with CBRE.

Eighteen months ago, three new investors came into the fund mainly through €140 million of secondary transactions as other investors came out. The fund’s fee structure was changed and it offered more attractive terms to its investors.

 

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