Specialist pan-European logistics fund Prologis European Properties Fund II has obtained a £40m (€50m) senior debt facility from Munich-based pbb Deutsche Pfandbriefbank to finance the acquisition of a logistics asset in the UK’s east Midlands region.
The property, in Daventry, Northamptonshire, is a new 76,000 m² distribution centre let to supermarket retailer Tesco Stores on a 25-year, full repairing and insuring lease and is part of the Daventry International Rail Freight Terminal (DIRFT), which lies at a major motorway intersection.
Prologis European Properties Fund II owns 210 prime logistics properties in 12 European countries. The fund’s total lettable space is about 5m m2 and it has a gross market value of around €3bn.
pbb was the arranger, sole lender and hedge provider for the deal.
