pbb Deutsche Pfandbriefbank has provided a SEK300 mn senior loan to Barings, one of the world’s largest diversified real estate investment managers. The facility supports the acquisition of a fully-let, prime logistics asset and the development of further logistics space located in Örebro, Sweden.
The acquisition comprises an existing logistics asset with 18,400 sqm of lettable space which is fully occupied by Onninen AB (owned by the Finnish K-Group), as well as the opportunity to extend the existing building. Onninen is a market leader in B2B sales within the heating, plumbing, air conditioning and electrical products market.
In addition, a new 30,000 sqm logistics building is to be constructed. The properties are located at the entrance to Pilängen, one of the strongest logistic locations in Örebro.
Norbert Müller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, said: “We are pleased to continue to build on our excellent relationship with Barings by supporting them in the acquisition of assets in sought after logistic locations”.
Daniel Köhler, Director and Head of Real Estate Treasury, Europe at Barings commented: “Having secured this high quality asset and development opportunity in Örebro, we are very pleased to have obtained an attractive financing arrangement during a challenging period. We value the fact that pbb is supporting Barings across our European jurisdictions as a lender on a number of real estate transactions for many years now. In tight financing markets across Europe we are always keen to establish wider banking relations across our jurisdictions covering residential, logistics and office financings.”
Thorsten Slytå, Managing Director and Head of Real Estate Nordics at Barings added: “The asset is located in one of the most sought after logistics hubs in the Nordics and provides highly visible and secure income, whilst offering the opportunity to develop further space in a market where demand is strong. With this asset we have now acquired 6 logistics assets in the last twelve months in Sweden and we are still looking to acquire further logistics across the Nordics in 2021.”
Walter Allwicher, +49 89 2880-28787, walter.allwicher(at)pfandbriefbank.com
Nina Lux, +49 89 2880-11496, nina.lux(at)pfandbriefbank.com