pbb Deutsche Pfandbriefbank has provided a €47 million facility to LCN European Fund I for the refinancing of a portfolio of 3 single-let logistics and light industrial assets in the Netherlands. The transaction closed in September 2018.
The portfolio has a total lettable area of more than 67,000m². The buildings were newly constructed for their respective tenants between 2015 and 2017 and are business critical to the operations of each tenant. The portfolio generates a weighted average lease length in excess of 20 years as evidence of the tenant commitment to each location.
Edward V. LaPuma, Founding Partner of LCN Capital Partners, said: ”We continuously seek opportunities to optimize our portfolio and improve investor returns. pbb Deutsche Pfandbriefbank helped us to do just that and proved to be an excellent partner delivering in a professional and timely manner. We look forward to further grow our relationship throughout Europe.”
Norbert Müller, pbb’s Head of Real Estate Finance Continental Europe West, said: We are delighted to further strengthen our existing relationship with LCN Capital Partners in the Netherlands and seek to continue to assist them with financing across our Pan-European network.”