Allianz Real Estate has provided 90% of a €301 million, 7-year refinancing facility to Intospace for its portfolio of six brand new, high-quality logistics assets in the Netherlands.
ABN AMRO, as arranger, co-lender and facility and security agent on the transaction, provided the remaining 10%.
Around 20% of Allianz Real Estate’s share will come from the firm’s Luxembourg-regulated ‘PAREC’ debt fund, Allianz said.
The grade A, future-proof properties in the portfolio are strategically spread across the Netherlands in the most sought-after locations near major air, rail and road transportation hubs and close to the main Dutch cities.
The assets, fully let to blue-chip tenants and logistics companies, have been constructed to the most modern ESG and fit-out standards, with their prime quality confirmed by Allianz Real Estate’s in-house logistics experts.
Allianz said this loan enables Intospace to use the proceeds exclusively to fund developments that are making a substantial contribution to all stakeholders’ environmental objectives.
Bruno Dord, Head of Real Estate Finance Paris Hub at Allianz Real Estate, said: “We’re delighted to welcome Intospace as a new partner for our financing business. Our belief in the logistics sector, the quality of the assets and the expertise of Intospace combine to make this transaction a superb addition to our European lending platform. Our origination expertise and our pan-European network of business partners has once again delivered a transaction that will create real value for our Allianz and third-party investors.”
Tim Beckmann, CEO at Intospace, said: “With Allianz and ABN AMRO, we have two solid debt financing partners, which will enable us to fulfil our growth ambitions. The world of logistics is changing drastically, the way we live and work is changing faster and faster. Consumer expectations are shifting from ‘delivery tomorrow’ to ‘delivered today’. And the challenges don’t stop there. For example, we need to replace polluting energy sources with CO2-positive energy systems; land scarcity in the Netherlands requires a more creative approach; we need to cut congestion in busy cities; and much more. Intospace believes that these problems can only be solved with a clear vision. Intospace is a one-stop-platform for future-proof warehousing solutions with a vision to develop long-lasting products that are going to be used by generations to come. We are delighted that Allianz and ABN AMRO share our vision and want to form this partnership with us.”