European logistics firm P3 has completed its £1.4bn refinancing.
The group, which is owned by TPG Real Estate and Ivanhoe Cambridge, has agreed facilities with international financial institutions. The refinancing comes ahead of a potential sale to front runner Singaporean sovereign wealth fund GIC.
Morgan Stanley was selected earlier this year to lead the refinancing of 28 P3 logistics centres valued at around €900m (£710m). Eastdil Secured advised P3.
P3 chief financial officer George Aase, pictured, said: “Long-term relationships with our lenders are invaluable to P3 as the group continues its path of sustainable value creation, and these new arrangements provide the flexibility to take advantage of the group’s current and future opportunities.”
Anand Tejani, partner at TGP Real Estate said: “This attractive refinancing positions the company well to continue to expand its business and support its customers.”
• From April: Morgan Stanley to lead P3
• From 21 September: GIC leads race to buy P3
• From 23 September: Shed end? Private equity firms begin to exit euro logistics
In western Europe and Poland the facilities are fully underwritten by Morgan Stanley, with Pbb acting as agent.
In the Czech Republic and Slovakia a club of five Czech and Slovak banks have agreed facilities, CSOB, which acted as the agent, CSOB Slovakia, Komercni Bank, UniCredit Bank and Ceska Sporitelna.
In Romania Raifeisen Bank International agreed the facilities.
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