Boreal IM, the pan-European real estate investment manager, has secured a €170 million ($187 million) cross-border debt facility from Aareal Bank to refinance seven logistics assets in France and Germany.
The 309,000-square-meter (3.3 million-square-foot) portfolio includes six standing assets and a development plot, which were acquired between 2022 and 2024 as part of Boreal’s joint venture with Ontario Teachers’ Pension Plan. Tenants include a range of international manufacturers, distributors and third-party logistics providers.
The accordion facility, which includes an additional €130 million ($143 million) of uncommitted funds to finance future assets, has been provided as green financing in recognition of the joint venture’s brown-to-green business plan for the portfolio. BREEAM Very Good is being targeted for each asset, with sustainability-led capital expenditure, refurbishment and development programs either under way or completed across the portfoli
