Barings, on behalf of institutional investors, has provided a new €12.9 million ($15 million) first mortgage loan to finance the acquisition and development of a grade-A logistics asset in North Bremen, Germany.
The 36-month loan expands Barings’ existing European logistics loan book to €123 million ($144 million) and marks Barings third loan to Panattoni, the largest developer and manager of logistics facilities in Europe.
Barings previously provided two ongoing construction loans totaling £53.1 million ($68 million) for developments in Derby and Crewe in the United Kingdom.
Barings said Panattoni is developing the new 23,500-square-meter (252,951-square-foot) logistics warehouse facility on a speculative basis while seeking a pre-let.
The asset is situated in a key north German logistics hub where Panattoni has successfully developed several other assets, close to ports that specialize in bulk goods, containers, offshore components, grain, breakb
