Hines, pbb agree €25m financing for logistics purchase in Spain

Pbb Deutsche Pfandbriefbank (pbb) has provided a funding facility totalling €25 mln for the acquisition of a logistics asset.

This is the third investment closed by Hines European Core Fund in the Spanish logistic segment and the first collaboration between the fund and pbb in Spain.

The property is located in Castellar del Vallés, Barcelona, and provides around 50,000 m2 of space in the main logistic corridor of the Spanish city.  The asset is let to ID Logistic, one of the main logistic operators in Europe.

Charles Balch, head of real estate finance international clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank said: ‘The deal underlines our continued strong interest in the key European logistics and warehouse markets, including Spain.’

Vanessa Gelado senior MD, country head at Hines Spain said: ‘This acquisition is an excellent opportunity for Hines to invest in the Barcelona logistic market, a market characterised by a lack of supply and land limitations for new developments.’

pbb Deutsche Pfandbriefbank (pbb) has provided an investment facility totalling €25 mln to finance the acquisition of a logistic asset. This is the third investment closed by HECF in the Spanish logistic segment and the first collaboration between the fund and pbb in Spain.

The property is located in Castellar del Vallés, Barcelona and provides around 50,000 m2 in the main logistic corridor of Barcelona. The asset is let to ID Logistic, one of the main logistic operators in Europe.

Charles Balch, head of real estate finance international clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank, said: ‘The deal underlines our continued strong interest in the key European logistics and warehouse markets, including Spain.’

Vanessa Gelado senior MD, country head at Hines Spain, said: ‘This acquisition is an excellent opportunity for Hines to invest in the Barcelona logistics market, characterised by a lack of supply and land limitations for new developments.’

 

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