pbb Deutsche Pfandbriefbank (pbb) has provided an investment facility totalling €25mn to finance the acquisition of a logistic asset. This is the third investment closed by HECF in the Spanish logistic segment and the first collaboration between the fund and pbb in Spain.
The property is located in Castellar del Vallés, Barcelona and provides around 50,000 sqm. It provides excellent connection to the AP-7 motorway, which is the main logistic corridor of Barcelona. The asset is let to ID Logistic, one of the main logistic operators in Europe.
Charles Balch, Head of Real Estate Finance International Clients, UK, CEE & USA at pbb Deutsche Pfandbriefbank said: "We are delighted to continue supporting Hines in their acquisitions across Europe, including this Spanish property. The deal underlines our continued strong interest in the key European logistics and warehouse markets, including Spain.”
Vanessa Gelado Senior Managing Director, Country Head at Hines Spain said: “We are delighted to continue building our relationship with PBB and are grateful for their support on this transaction. This acquisition is an excellent opportunity for Hines to invest in the Barcelona logistic market, a market characterised by a lack of supply and land limitations for new developments. It is located in a crucial transportation hub for national and international logistics. Spanish logistic market is experiencing a record year in terms of occupancy, with very solid demand fundamentals.”