pbb Deutsche Pfandbriefbank (pbb) and Aareal Bank have jointly underwritten an investment facility, totalling £170mn to refinance a logistics portfolio located across the UK for EQT Exeter. pbb acted as Lead Arranger, with pbb and Aareal Bank providing equal portions of the funding; pbb also acted as facility and security agent of the transaction.
The portfolio comprises 13 properties providing approximately 2.6m sq ft of logistics and warehouse space in established logistics locations. The portfolio is let to a mix of good quality tenants including Clipper Logistics, Boohoo.com, The Range and TechnoCargo Logistics.
Charles Balch, Head of Real Estate Finance International Clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank said: "We are very pleased to support EQT Exeter in the refinancing, together with our co-lender Aareal. The deal underlines our continued strong interest in the UK real estate market, in particular in the logistics and warehouse markets in key locations."
Bill Redmond, General Manager Aareal London Branch, added: "The logistics sector performed with remarkable strength during an economically challenging period. We don't expect that to be a short investment time trend, boosted by the pandemic. We rather see a demand driven structural change, that provides positive long-term prospects for the market segment. Hence we are delighted to support such a high quality investor as EQT Exeter in this segment via this transaction."
Nicholas Boccella Director, Debt Placement at EQT Exeter said: "EQT Exeter are grateful to pbb and Aareal for their continued support in helping us create value for our investors by delivering sustainable and future-proofed assets while capitalizing on key demographic and urbanization trends."
Deutsche Pfandbriefbank AG published this content on 02 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2021 13:39:09 UTC.