Pbb Deutsche Pfandbriefbank (pbb) has provided a €260 million senior loan to finance the acquisition of a portfolio of German and Dutch logistics assets and has syndicated more than half of the total.
The German bank provided the loan to investor Growth Industrial Asset Net-Income Trust (GIANT) to fund the acquisition of a portfolio of 34 logistics properties in Germany and the Netherlands.
The industrial properties acquired by GIANT were previously managed by Garbe Industrial Real Estate GmbH. Garbe announced last October that GIANT had acquired properties worth around €450 million.
Pbb said that it syndicated €140 million of the loan to BerlinHyp and Landesbank Baden-Württemberg (LBBW) during December 2016. Each bank has taken a €70 million participation. A group of pension funds has also taken part in the financing, through a mezzanine loan and equity share, pbb added.
The total rentable space of all 34 properties in the portfolio is around 797,000 square metres of logistics, plus 5,000 square metres of retail and 105,000 square metres of light industrial space. Garbe will continue to service the portfolio as an investment manager and asset manager.
“With this transaction, pbb Deutsche Pfandbriefbank, together with its equity providers and partners, has come up with a financing that constitutes one of the largest and most complex loan structures the logistics real estate segment has seen in 2016,” said Gerhard Meitinger, head of real estate finance Germany at pbb.
“We succeeded in bringing together three financiers and the initiator, and finding the right structure for each of them – thereby proving our particular expertise in providing financing for complex portfolio deals involving senior and mezzanine tranches,” Meitinger added.