Munich/Spain, 14th January 2020 – pbb Deutsche Pfandbriefbank provided a EUR 28 million senior loan facility to Artesian Invest S.L, an affiliate of Delin Property Asset Management UK (“Delin Property”). The loan is used to refinance two newly Grade A logistics warehouses located in the A2 Corridor axis, in Alcalá de Henares (Madrid). pbb acted as sole Lender, Agent and Security Agent.
The 51,000-sqm well-connected logistics warehouses comprises of two separate buildings. The first one provides 19,000 sqm and was completed in August 2020 in line with expectations despite COVID-19. This building is fully let to two internationally renowned firms. The second building comprising 32,000 sqm is currently under development aiming at delivery in June 2021. This project represents the first project of Delin Property in Spain.
Norbert Müller, Head of Real Estate Finance Continental Europe West, commented: “This is our first transaction with Delin Property in Spain, a leading pan-European real estate investment developer in the logistics market. As the demand for Spanish logistics properties continues to draw in new entrants, we are pleased to support a client with such an experience”.
Mark Kirkland, CEO of Delin Property commented: “Delin Property is very proud of the success of our first project in the Spanish market. Our goal is to grow our business in Spain and to continue to provide solutions to our growing number of local and International clients. We are also very pleased to have the support from PBB and for the efficient & seamless approval process from start to finish."