pbb Deutsche Pfandbriefbank has provided an additional €387m of financing to Scandinavian light industrial and warehouse specialist Sagax.
“The Scandinavian real estate markets show exceptional stability with increased activities from both domestic and international investors. Sagax is our largest client in the Nordic countries and we can look back on a successful business relationship of more than twelve years. The company has an excellent track record demonstrating a stable and sustainable growth over the years,” said Norbert Müller, pbb’s head of real estate finance, continental Europe West.
The two seven-year loans, of SEK 2.3bn (€252m) and €135m are financing Swedish and Finnish portfolios; the 69 properties are mainly in Stockholm and Helsinki.
David Mindus, chief executive of AB Sagax said: ”Long term funding is a prerequisite for Sagax. The new seven year facility is very supportive for our business model. pbb has provided the backbone of the group’s funding for more than a decade during which company’s market capitalization and operating profit has increased by twentyfold.”
pbb has also provided €132m of funding to CTP, a major Czech logistics and industrial player, for its CTPark Bor , near the Czech/German border. The deal provides seven year’s funding for the logistics park, as well as line of financing for its extension.