Pbb Deutsche Pfandbriefbank said on Thursday that it has provided a €99.2 mln senior loan facility to Argan to refinance a portfolio of logistics assets in France.
In this transaction, pbb acts as mandated Lead Arranger, Facility and Security Agent.
The portfolio is a portion of the SCI “Cargo” package bought by Argan in October 2019 for €898 mln. Fully let to Carrefour on long term leases, the portfolio comprises twenty-two logistics assets spread across France and was divided into five sub-portfolios for financing purposes. The loan facility provided by pbb refinances one of these sub-portfolios.
Norbert Müller, head of Real Estate Finance Continental Europe West, commented: 'This is our first transaction with Argan, a French leader in logistics real estate, who is specialized in developing and rental of premium logistics platforms for leading companies. As the demand for French logistics properties continues to draw in new entrants, we are pleased to support a client with such an experience.'