pbb Deutsche Pfandbriefbank provided a SEK500mn senior loan facility to Barings, a global real estate investment manager, to assist in the acquisition of four logistics properties located in Norrköping, Sweden.
The portfolio comprises 122,000 sqm of net lettable space fully let to PostNord TPL AB, a Swedish and Danish government owned, third party logistics provider. Norrköping is the fourth largest metropolitan area in Sweden and is located close to Stockholm as well as other important submarkets, such as Gothenburg and Malmö. In a place where the E22 and E4 motorways meet, it is an excellent logistics location.
Thorsten Slytå, Head of Scandinavia at Barings Real Estate, said: “The strengths underpinning logistics real estate have sheltered the sector from many of the challenges facing the wider market during the COVID-19 pandemic. We are pleased to be working with pbb on this latest deal as we look to continue growing our logistics exposure in Sweden.”
Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, said: “We are pleased to further strengthen our relationship by supporting Barings in this sale and leaseback transaction with PostNord.”