German real estate lender pbb Deutsche Pfandbriefbank has provided a €87 million loan facility to logistics property firm Industrial Securities.
The senior loan facility refinances an existing loan provided by pbb in December 2016 and partially finances a capex programme including 30 light industrial and office properties in France.
Pbb acted as arranger and sole lender to borrowers owned by Aberdonia French Properties 1 SCI, part of a pan-European industrial structure owned and managed by Industrial Securities.
The Aberdonia European portfolio comprises 82 real estate assets across the continent. Of these, 30 are in France and offer circa 218,000 square metres of space in well-established logistics zones – around 40 percent are located in Ile de France.
The loan facility marks pbb’s fourth debt financing provided to Industrial Securities.
“We are looking forward to engage in similar projects,” Norbert Müller, head of real estate finance, Continental Europe West at pbb, said.
Pbb has provided several loans in recent months, including a €64 million refinancing of a Polish shopping centre; a £69 million (€77 million) facility, with Deutsche Asset Management, for a mixed-use block in London and a €29 million loan to refinance a Finnish office property.