Valad Europe has co-invested alongside one of its global institutional investor partners to acquire all of the assets owned by the Central European Industrial Fund (CEIF) managed by Aviva Investors. As part of the transaction, pbb Deutsche Pfandbriefbank has refinanced a €160 million loan against the portfolio.
CEIF owned 22 multi-let industrial and logistics properties in Poland, Hungary, Romania and the Czech Republic, totalling 620,000 sqm. Following the acquisition, Valad Europe will continue as asset manager and take on the investment management of the portfolio from Aviva Investors.
Thierry Leleu, Head of Funds Management at Valad Europe, commented: “The acquisition and extension of CEIF is a great result and comes at a time when there is strong demand for industrial and logistics assets in Central and Eastern Europe. The portfolio comprises several good quality multi-let industrial and logistics properties, primarily located in Poland, the Czech Republic, Hungary and Romania.”
Charles Balch, Head of Real Estate Finance International at pbb Deutsche Pfandbriefbank, commented: “pbb Deutsche Pfandbriefbank is pleased to be able to maintain its support for the Central European Industrial Fund under this new ownership. Valad will provide an important level of continuity to the ongoing management and realisation of the fund’s business strategy.”
Valad Europe manages €4.7 billion of real estate assets and investment capacity across its 24 funds and mandates in Europe. With a team of 28 in Central Europe, Valad manages around €870 million of assets comprising 730 tenants, occupying 985,000 sqm of space across Poland, Czech Republic, Hungary and Romania.