Boreal IM secures €240M loan facilities from PBB Deutsche Pfandbriefbank

Boreal IM secures €240M loan facilities from PBB Deutsche Pfandbriefbank
  • €104mn facility for four assets located in Netherlands and Spain and a £117mn facility for three assets in the UK
  • Portfolio covers 2.2m sq.ft (200,000 sq.m) of logistics space let to a mixture of high-quality tenants

Boreal IM has secured two debt facilities totalling €240mn from pbb Deutsche Pfandbriefbank (pbb) to refinance seven assets across the Netherlands, Spain and the UK. The portfolio spans 2.2m sq.ft (200,000 sq.m) of logistics space and is let to a mixture of high-quality tenants.

Boreal IM acquired the assets in 2022 as part of its logistics joint venture (JV) with Cadillac Fairview. The JV, which will assemble a €3bn pan-European logistics portfolio, has deployed almost €700mn to date, acquiring assets in the UK, Spain, France and the Netherlands. Germany and Italy have been identified as other target markets.

Peter Bingel, CFO and Partner at Boreal IM commented: “We are delighted to have secured these facilities from pbb in what has been a challenging financing environment. This illustrates the high quality of the assets acquired by the JV. We are looking beyond short-term macroeconomic concerns to long-term structural trends and continuing strong demand for high-quality space in core European economies. The ongoing market dislocation is presenting interesting opportunities and the support of Cadillac Fairview, complemented by our experience and extensive networks in the sector, allows us to access these.”

Charles Balch, Head of Real Estate Finance International Clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank said: "We are delighted to have closed our first transactions with Boreal and Cadillac Fairview and look forward to continue supporting them in their acquisitions across Europe. These deals underline our continued strong interest in the key European logistics and warehouse markets.”

Boreal IM and Cadillac Fairview were advised by Eastdil Secured.