Valad Europe has sealed a €175m (£124m) senior debt facility for its Valad European Income Fund in a deal underwritten jointly by Deutsche Pfandbriefbank and Helaba.
The refinanced portfolio comprises 40 light industrial assets totalling 5.9m sq ft in France, Germany and the Netherlands.
A refinancing of the remaining 12 Danish assets in the fund, which total 1.6m sq ft, is being undertaken separately.
Thierry Leleu, Valad Europe’s head of fund management, said: “This provides us with an excellent opportunity to arbitrage the portfolio in an improving market.”
In 2012 the fund completed a four-year, €300m refinancing with a group of lenders including BAWAG, Helaba, Natixis and Deutsche Pfandbriefbank.
The fund has a mandate to invest in light industrial estates with the potential for high income and capital growth.
