pbb Deutsche Pfandbriefbank has provided a €50 million credit facility to Macquarie Asset Management on behalf of one of its managed accounts. The facility will be used to refinance the acquisition of a portfolio of newly built City Flex logistics properties in Poland. pbb acted as arranger and sole lender under the facility.
The industrial portfolio consisted of logistics, warehousing and light production elements and was acquired from the developer 7R. The newly-built Class A assets are part of 7R’s City Flex concept, which aims to provide warehouses with greater efficiency and flexibility in logistics operations. They are strategically located in recognized industrial hubs and serve companies that are in need of smaller warehouses located close to city centres. The portfolio provides a total of approximately 96,000 sqm of gross lettable area.
Charles Balch, Head of International Clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank said: “We have a long-standing relationship with Macquarie Asset Management and we are very pleased to support the business and their client in their recent acquisition in Poland. We look forward to other transactions with Macquarie Asset Management across all European and US real estate markets.”