pbb provides €47 million to LCN Capital Partners for the refinancing of 3 single-let logistics and light industrial assets
pbb Deutsche Pfandbriefbank has provided a €47 million facility to LCN European Fund I for the refinancing of a portfolio of 3 single-let logistics and light industrial assets in the Netherlands. The transaction closed in September 2018.
The portfolio has a total lettable area of more than 67,000 sqm. The buildings were newly constructed for their respective tenants between 2015 and 2017 and are business critical to the operations of each tenant. The portfolio generates a weighted average lease length in excess of 20 years as evidence of the tenant commitment to each location.
Edward V. LaPuma, Founding Partner of LCN Capital Partners, said: ”We contin-uously seek opportunities to optimize our portfolio and improve investor returns. pbb Deutsche Pfandbriefbank helped us to do just that and proved to be an excel-lent partner delivering in a professional and timely manner. We look forward to further grow our relationship throughout Europe.”
Norbert Müller, pbb’s Head of Real Estate Finance Continental Europe West, said: "We are delighted to further strengthen our existing relationship with LCN Capital Partners in the Netherlands and seek to continue to assist them with fi-nancing across our Pan-European network.”