pbb provides €75m facility for Hines’ logistics property acquisition

pbb provides €75m facility for Hines' logistics property acquisition

pbb Deutsche Pfandbriefbank has provided a €75 million facility for Hines Global Income Trust’s acquisition of ABC Westland, logistics property in Netherlands.

The logistics parks, located in Poeldijk, close to The Hague, focusses on the fresh fruit and vegetable industry, providing a wide range of services such as marketing, logistics, packaging and quality assurance. The transaction closed at the start of May 2019.  

SEE ALSO : Hines Global Income Trust buys logistics property in Netherlands

The property encompasses in total 117.000 sqm of commercial space and infrastructure under freehold. The Park mainly features warehouses and office space. It comprises 13 buildings which are let to around 50 tenants. The ma-jority of the properties within ABC Westland are fully let.

Andy Smith, Managing Director, Hines Netherlands, commented: “Hines is grateful for the continued support of and growing relationship with pbb Deutsche Pfandbriefbank in the logistics sector in the Netherlands and indeed across the European platform.”

Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, commented: “We are delighted to complete the second transaction of this kind in the Netherlands with Hines, who are a stra-tegic client for pbb. For pbb, this transaction marks a further drive into the Dutch lending market.”