Insurance groups Axa and M&G Investments have helped to underwrite €441m of refinancing for ProLogis’s European Property Fund (PEPR). The insurers were part of a syndicate that underwrote a €300m senior loan facility at 52% loan-to-value, secured on 39 French, Belgian, Spanish and Italian distribution centres. Axa makes senior loans through its Axa Real Estate Debt Fund, run from Paris. Under John Barakat, M&G has just had the first closing of its subordinated debt fund and continues to make senior loans. Goldman Sachs arranged the four-year loan.
The other three banks were ING Real Estate Finance, Crédit Foncier de France and Bawag. Deutsche Pfandbriefbank was the facility agent. PEPR chief financial officer David Doyle said: “This is one of the largest pan-European syndicated real estate loans issued since 2008. We have completed €802m of new or extended debt facilities in the past year.”