Valor Real Estate Partners has completed a €105m, five-year debt facility with pbb Deutsche Pfandbriefbank AG. The 60% LTV facility comprises a €54m acquisition tranche, €41m investment tranche and €10m VAT tranche, and is the third transaction between the two parties.
The loan is secured against six urban, infill logistics properties totalling around 84,100 sq m (circa 905,000 sq ft) in Paris and Lyon submarkets.
Miles Muthu, Valor debt capital markets and transaction lead, said: “We are pleased to have completed on this complex portfolio financing involving the repositioning of multiple assets across different submarkets and at different stages of our development and asset management programme. We are grateful to the pbb team who undertook detailed analysis to understand each deal and were a trusted partner to see the transaction through in an uncertain market.”
Matthew Phillips, partner and head of finance and operations at Valor, said: “pbb is one of our trusted institutional lending partners and we are pleased to continue the relationship with their support in this transaction on well-positioned assets in the heart of Paris and Lyon. We believe our ability to source urban logistics investments in the most supply constrained submarkets of Europe’s dominant urban centres where we can add real value by our asset management initiatives gives us a competitive advantage in the current high volatility environment.”
Norbert Müller, head of RE finance continental Europe west at pbb Deutsche Pfandbriefbank, added: “We have a long-standing relationship with Valor and are very pleased to support them repositioning the different assets of this urban logistic portfolio in France. France is an important market for pbb and we are looking forward to other transactions with Valor.”
Valor was advised by Simmons & Simmons and Oudot & associés notaires. pbb was advised by LPA-CGR avocats and 83 Haussmann notaires.
