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PGIM Real Estate has provided a senior loan of over €300 million to a leading European logistics platform to finance a portfolio across Germany on behalf of its European Core Debt investment strategy. PGIM Real Estate is the US$206 billion investment firm of PGIM and is the third-largest real estate firm globally1.
The portfolio consists of high-quality, geographically diversified arterial logistics assets totaling more than 510,000 square meters, with construction dates ranging from 2004 to 2022. The German logistics market benefits from being central to supply chains across Europe, and all assets are located in or around established key logistics regions in Germany including Frankfurt Rhein-Main, Rhein-Ruhr, Leipzig and the Greater Munich area, with the substantial majority benefiting from BREEAM ratings of Very Good or above (or comparable DGNB Gold ratings).
Tenants comprise a strong selection of household names and are diversified across a broad range of industries including non-food retail, home furnishing, warehousing and distribution services as well as car manufacturing.
The transaction was led by Laura Denenga and Jürgen Helm in PGIM Real Estate's Originations team.
James Mathias, senior portfolio manager for European Core Debt at PGIM Real Estate, comments: "Due to cyclical market dislocation and structural change there's an opportunity to step in and support best-in-class borrowers and replace traditional funding providers that are retrenching. Germany offers compelling private lending opportunities for market participants with strong relationships and a robust track record who can provide liquidity."
