AEW Europe has refinanced its French portfolio through ING for a total of €420m (£325m).
The Dutch bank provided the loan on a sole underwriter basis to cover the company’s logistics platform Logistis across France.
The portfolio comprises 55 assets, including the Corridor Portfolio which the company bought in December 2015 from GLL Real Estate Partners.
The acquisition took the Logistis platform’s value to around €2bn, with the loan representing an LTV on that portfolio of around 21%.
Luc Bordereau, managing director in charge of fund operations, said: “We are pleased to have come to this agreement with ING as sole underwriter for the refinancing, following a selective tender process which generated strong interest from banks for the fund profile and the Logistis team’s track record. ING clearly demonstrated its underwriting and execution capability during the process, which led us to working with the team as our preferred partner on the transaction.”
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