4th Sep 2014 10:22
LONDON (Alliance News) - Segro PLC Thursday said it has arranged EUR208 million of bank funding for Segro European Logistics Partnership, which will support the acquisition of EUR472 million of prime logistics assets in Germany, Poland and France.
FTSE 250-listed Segro holds a 50% stake in SELP and acts as asset, property and development manager for the joint venture. Canada's Public Sector Pension Investment Board holds the remaining stake.
The debt is structured within three separate secured bank facilities. It is made up of a 5-year EUR139 million German debt facility with Deutsche Pfandbriefbank AG and Helaba as lenders. This facility comprises EUR114 million of drawn term debt and EUR25 million of undrawn facilities to be utilised in connection with future development projects.
In addition, the funding includes EUR41 million of term debt as an increase to the EUR188 million five year SELP debt facility - also with Deutsche Pfandbriefbank and Helaba as lenders - put in place in October 2013 in respect of SELP assets in Poland and the Czech Republic.
The last part comprises EUR28 million of term debt as an increase to a EUR140 million seven-year SELP French debt facility arranged last year with Aareal Bank.
Segro shares were quoted up 0.3% at 372.20 pence Thursday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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