Morgan Stanley has been selected to lead the refinancing of P3 Logistic Parks’ western Europe portfolio.
The US bank will lead the refinancing of 28 logistics centres ahead of the syndication to a club of banks.
The assets being refinanced are located mostly in Germany and France with other assets in Spain, Italy and the Netherlands.
They are valued at around €900m (£710m).
P3, which is owned by US private Equity firm TPG and Ivanhoe Cambridge, is understood to have asked for a loan of around 65% of that value, meaning Morgan Stanley will lead on a €585m five-year loan.
Morgan Stanley’s team were selected after the overall portfolio of the Czech-based company was divided into three tranches – western Europe, Romania and the rest of eastern Europe.
The largest portion of the portfolio is the eastern European element, made up of properties in the Czech Republic, Slovakia, Bulgaria and Poland. These will be financed separately by a club of four Czech banks.
The smallest tranche of €200m will be for the Romanian assets, which will be financed by a local bank.
The refi deal replaces agreements made with lenders as P3’s portfolio has grown.
One of those being replaced is a 2014 refi deal arranged by Deutsche Pfandbriefbank and UniCredit Bank Austria for €215m, secured against 5.9m sq ft of assets in Slovakia, the Czech Republic and Poland.
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