The sum is secured against a 1.9 million ft2 (176,500 m2), two-asset UK logistics portfolio.

The five-year facility will support Griffen’s delivery of its business plan across the two fully let schemes, which occupy prime distribution locations within the UK’s logistics Golden Triangle.

They comprise Desford Campus, comprising three logistics warehouses totalling 1,651,229 m2 seven miles west of Leicester; and Griffen Park, a Grade-A 220,700 ft2 single tenant logistics warehouse in Milton Keynes delivered by Griffen’s in-house development team in 2019.

Griffen’s UK portfolio also includes 58.6 acres (24 ha) of adjoining development land at Desford.

Acquired in 2020, unanimous planning permission has been secured for four logistics units, suitable for single or multi-tenant use, ranging from 103,679 ft2 to 508,050 ft2.

The sustainable scheme is targeting a BREEAM Excellent certification and EPC A rating, with features including rooftop PV panels and the use of recyclable materials throughout. Construction of Phase 1, comprising 231,727 ft2 across two units, has commenced, with practical completion targeted for Q1 2023.

Rui Nobre, CEO of Griffen, commented: 'With big box vacancy rates at record lows, driven by continued e-commerce penetration and onshoring requirements, the environment for continued high levels of occupation and future rental growth remains highly attractive.

'Over nearly a decade of being active in the sector we have witnessed tenant mixes evolve, and whilst high inflation is a near universal concern, this is offset by an increasing depth and breadth of occupier demand, far beyond e-commerce retailers.'

Sarah Gater, Deutsche Bank, added: 'We are very pleased to have had the opportunity to provide this facility to Griffen UK, who we look forward to building a long-term partnership with.'

Griffen was advised by the Debt and Structured Finance Team at JLL.