Deutsche Pfandbriefbank has provided a £40m senior facility to finance a prime Northamptonshire logistics property for industrial developer Prologis.
The transaction, which closed on 15 June, was for an 800,000 sq ft Daventry distribution centre let to Tesco on a 25-year, full repairing and insuring lease owned by the Prologis European Properties Fund II.
The building forms part of the Daventry International Rail Freight Terminal
Charles Balch, head of real estate finance international at pbb Deutsche Pfandbriefbank, said: “We are very pleased to have been able to provide refinancing for this prime logistics property for Prologis, one of our long standing and esteemed clients. We are looking forward to continuing the strong relationship with them in all of our joint markets across Europe.”
Christian Nickels-Teske, head of treasury and capital markets at Prologis Europe, said: “We are pleased to expand our relationship with pbb Deutsche Pfandbriefbank, a reliable partner for many years, and at the same time meet our fund’s investment objectives as we continue to strategically access the capital markets throughout Europe.
“Prologis property funds continue to be attractive to lenders due to the high-quality, well-leased assets in prime locations and generating stable cash flows.”
pbb was the arranger, sole lender and hedge provider of the transaction.
bridget.oconnell@estatesgazette.com
