Boreal IM has secured two debt facilities totalling €240m from pbb Deutsche Pfandbriefbank to refinance seven logistics assets across the Netherlands, Spain and the UK.
A €104m facility was secured against four assets located in the Netherlands and Spain, and a €133m facility was secured against three assets in the UK.
The 2.2m sq ft logistics portfolio was acquired in 2022 as part of Boreal’s logistics joint venture with Cadillac Fairview. The JV, which will assemble a €3bn pan-European logistics portfolio, has deployed almost €700m to date, acquiring assets in the UK, Spain, France and the Netherlands. Germany and Italy have been identified as other target markets.
Peter Bingel, chief financial officer and partner at Boreal IM, said: “We are delighted to have secured these facilities from pbb in what has been a challenging financing environment. This illustrates the high quality of the assets acquired by the JV.
“We are looking beyond short-term macroeconomic concerns to long-term structural trends and continuing strong demand for high-quality space in core European economies.”
Charles Balch, head of real estate finance international clients, UK, CEE and USA at pbb Deutsche Pfandbriefbank, added: “We are delighted to have closed our first transactions with Boreal and Cadillac Fairview and look forward to continue supporting them in their acquisitions across Europe. These deals underline our continued strong interest in the key European logistics and warehouse markets.”
Boreal IM and Cadillac Fairview were advised by Eastdil Secured.
