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Industrial & logistics
It is understood the five-year loan was provided by NatWest at 55% LTV.
The manager has had its most active year of European loan origination so far in 2025.
The loan is understood to be Europe’s largest private credit IOS deal to date.
Dieter Knittel, the head of Central and Eastern European at the lender, told REC Europe there is better relative returns in the region than in Western European markets.
The loan is secured against Centerbridge and Modal’s £200m industrial outdoor storage platform.
L&G and Tritax secure refinancings for their respective industrial strategies.
The insurer is diversifying its loan book in an increasingly competitive market.
The portfolio of 14 London urban logistics assets was previously financed by three separate transactions.
The loan refinances a portfolio of four UK logistics assets owned by Brookfield and Copley Point Capital.
The loan facilitates IBA, Batipart and Covéa’s acquisition of a four-asset, mixed office and logistics portfolio spread across Madrid and Barcelona from AXA.