Pbb provides €115m credit facility to abrdn property fund

Pbb provides €115m credit facility to abrdn property fund

Pbb Deutsche Pfandbriefbank (pbb) has provided a €115.4 mn credit facility to abrdn European Balanced Property Fund SICAV-FIS.

The facility is secured on a portfolio of logistics assets located across the Netherlands.

The portfolio consists of six properties including two assets that will be added to the portfolio once completed. The portfolio can be classified as high institutional with annual rental income of c. 10 mn EUR, low vacancy and total lettable floor area of c. 180,000 sqm.

Norbert Mueller, Head of RE Finance Continental Europe West at pbb said: “We are delighted to expand our relationship with the existing strategic client for the bank to the Netherlands with a strong logistics portfolio.”

Gert-Jan Kapiteyn, Fund Manager at abrdn said: “This is an outstanding financing transaction with our partner pbb, testimony to the high quality of the fund’s logistics assets in the Netherlands, and further enhances the performance and growth potential of the fund”.