Barings debuts in Ireland logistics market

Barings has agreed on two loans to KKR and Palm Capital in Ireland for a total of €225 million ($252 million). These loans mark Barings’ debut as a lender in Ireland’s logistics market.

Barings has provided a five-year €188.5 million ($211.15 million) senior-secured, floating-rate loan to finance the acquisition of a portfolio of income-producing industrial assets in Ireland. The portfolio comprises 73 properties, which are located primarily in Greater Dublin and Naas Enterprise Business Park, and is 97-percent let to a range of occupiers, including investment-grade-rating tenants.

In addition, Barings has agreed a €36.7 million ($41.11 million) floating-rate, first-mortgage loan to fund the acquisition of a portfolio of six last-mile, light-industrial properties in Dublin. With an initial three-year term, plus two one-year extension options, the debt is secured against a portfolio comprising 345,000 square feet, which is 95-percent occupied with a weighted