Valor Real Estate Partners and QuadReal Property Group have secured a new dual tranche revolving credit line from HSBC and CIBC, for its €1bn (£870m) last mile logistics venture.
The joint venture will use the three-year facility, which comprises a £100m tranche and a €100m tranche, to speed up its investment programme.
Valor made the first acquisition made on behalf of the joint venture in November last year, when it purchased a 144,000 sq ft industrial estate in Barking, East London.
Matthew Phillips, principal at Valor, said: “Agreeing this sizeable facility is an important step following the launch of the QuadReal jv last year, and will allow us to accelerate our investment programme.
“The timing has allowed us to take advantage of strong lender interest for exposure to the high growth urban logistics sector, as well as the favourable interest rate environment.”
Valor manages more than 80 properties in total, measuring a combined 6m sq ft.
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