German bank pbb Deutsche Pfandbriefbank has financed the purchase by a Munich-based investor of two logistics warehouses in Poland with loans totalling €78 million.
The two medium-term facilities were provided to GLL Real Estate Partners to finance the acquisitions of e-commerce distribution centres in the Polish cities of Wroclaw and Poznan. GLL made the acquisitions on behalf of Korean institutional investors.
The two properties were developed by Panattoni Europe and were completed in 2014. Each property has circa 123,000 square metres of floor space.
In February, CIJ Journal reported that GLL had bought two Amazon distribution centres in Wroclaw and Poznan for a total of €140 million, reflecting a yield of less than 6 percent due to 15-year leases in both units.
“Demand for well let, blue-chip product in the growing logistics asset class is increasing rapidly and we are pleased to facilitate acquisitions on behalf of established investors,” said Charles Balch, head of real estate finance international, UK & CEE at pbb.