Clarion Partners Europe, the real estate investment fund manager specialising in European logistics and industrial assets, announced it has completed a €54 million senior debt facility with ING Bank (“ING"), secured against three Dutch warehouses, two of which were acquired in 2024.
The transaction is the sixth financing between the two parties since August 2023, totalling €347 million. Secured against 27 properties totalling c. 800,000 sqm across the key European logistics markets of the Netherlands, Germany, France and the UK, all the loans are green, reflecting the strong sustainability credentials of Clarion Partners Europe's portfolio.
The Dutch loan comprises a €36.4 million acquisition tranche secured against two recently acquired Grade A, prime logistics warehouses in Venlo and Helmond, and a €18.1 million refinancing tranche secured against a modern, 22,524 sqm logistics facility on the edge of Rotterdam Port, which Clarion Partners Europe acquired in 2022.
The other five loans are secured against assets held within Clarion Partners Europe's latest Pan-European commingled fund or its UK-only logistics fund:
- A 7-year, €57 million loan supporting the December 2023 acquisition of five modern, institutional-quality logistics properties across Germany, totalling 251,793 sqm, each with strong ESG credentials.
- Two 5-year acquisition loans, totalling €67.6 million, secured against:
- Two modern, institutional quality distribution warehouses, totalling 40,732 sqm, in Peterborough, UK. Acquired in 2023, the transaction marked Clarion Partner Europe's re-entry into the UK market following a seven-year hiatus.
- Three EPC A and BREEAM Excellent¹ distribution warehouses in Widnes, UK, totalling 65,775 sqm, acquired in July 2023.
- A 5-year, €79.3 million facility secured against 10 recently acquired warehouses in Redditch, Kettering and Coventry, key Golden Triangle hubs, and one in the North-West, all in the UK. Totalling 106,600 sqm, the majority are BREEAM Very Good or Excellent¹ certified.
- A 5-year, €88.6 million loan which refinanced a previous development loan, secured against a 230,000 sqm portfolio comprising three recently constructed, BREEAM Very Good or Excellent¹ properties in Lyon and Boisseaux, France.
Florina Capraru, Director, Clarion Partners Europe, commented: “These transactions reflect the strength of our relationship with ING, a key and long-standing blue chip lending partner. ING's principles of sustainable issuance are very much aligned with our commitment to integrating environmental and social considerations across our portfolio, a key underpin of this relationship."
Rory Buck, Managing Director at Clarion Partners Europe, added: “The competitive terms secured across these green loans reflect the strength of the asset class and our 17-year track record. For best-in-class, tenant critical and highly-sustainable industrial and logistics assets, the investment fundamentals remain highly compelling in both the UK and Continental Europe."
Arie Hubers, Head of Real Estate, Benelux, at ING added: “As a financial institution, our responsibility is to use our financing and services to actively support our client's transition to sustainable business. We very much appreciate Clarion Partners Europe's drive, expertise and ambition in building and expanding a Pan-European logistics platform whilst maintaining a prudent financial profile and taking a proactive approach towards sustainability and de-carbonizing the portfolio. We are happy to confirm our longstanding relationship with the recent series of financings."