Pbb Deutsche Pfandbriefbank (pbb) has provided a €70 million loan to a joint venture between STAM Europe and York Capital Management to fund the recent acquisition of a French logistics portfolio.
The medium-term facility, which amortises, has been provided to YS Investments as it makes its first investment in the French market.
The loan finances YS’s purchase in June of the so-called ‘Wolf Portfolio’ of 19 logistics properties, which were sold by Proudreed. The portfolio was sold for more than €100 million, putting the loan-to-value ratio of the loan at less than 70 percent.
The portfolio contains 360,000 square metres of space located in the ‘logistics corridor’ running between the northern city of Lille and Marseille, on the southern coast. The properties have an 86 percent occupancy rate.
STAM Europe and York Capital’s strategy is to buy assets which benefit from intensive asset management.
“The Wolf portfolio historically benefits from a high occupancy rate thanks to the quality of its location within the logistic corridor,” said Norbert Müller, head of real estate finance continental Europe west at pbb.