Pbb Deutsche Pfandbriefbank (pbb) has provided two senior loans totalling €36 million to finance a portfolio of French warehouses.
The German bank has provided the loan to a joint venture between MCAP Global Finance and Industrial Securities known as Mistral Partners 2.
The loan refinances the acquisition last year of a portfolio of nine single-let warehouses and one office building located in Paris, which is currently used as a school. The warehouses comprise a total of 77,577 square metres of space. A portion of the loan will be used as a capex facility for one of the assets.
The office asset, located in the sixteenth arrondissement of the French capital, represents 25 percent of the portfolio’s market value.
Pbb acted as sole lender, arranger, facility agent and security agent in the deal, which closed at the end of June.
MCAP Global Finance is a UK subsidiary of New York-based Marathon Asset Management. Industrial Securities is a specialist property company investing in high-yielding industrial assets in the UK and Europe.
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