pbb provides €78 million facility to GLL Real Estate Partners
pbb Deutsche Pfandbriefbank has provided two acquisition facilities, totalling €78 million, to companies managed by GLL Real Estate Partners. The Munich based fund manager represents Korean institutions who have proved active investors in this growing asset class.
The loans will finance the acquisition of two prime distribution centres in Wroclaw and Poznan, both of which are key hubs for the Western European logistics sector. The assets were developed by Panattoni Europe and completed in 2014. They are let on long term leases to a major international e-commerce group, for whom they serve as European fulfilment centres. Each of them has around 123,000 sqm GLA.
Charles Balch, Head of Real Estate Finance International, UK & CEE at pbb Deutsche Pfandbriefbank, said: “pbb is delighted to complete this transaction for GLL - one of our key clients across our European network. Demand for well let, blue-chip product in the growing logistics asset class is increasing rapidly and we are pleased to facilitate acquisitions on behalf of established investors.”