Valor Real Estate Partners has completed, on behalf of its joint venture with QuadReal Property Group, the refinancing of a five-asset urban logistics portfolio located across Paris and Lyon.
The €105 million (c.£91m), three-year senior facility has been provided by Deutsche Pfandbriefbank AG (PPB).
The facility refinances an initial €105m facility, completed with PBB in 2022, which was secured against a six-asset last-mile logistics portfolio.
One of the assets, located in Limeil-Brévannes, was sold in 2024, generating more than 30% internal rate of return.
The current portfolio totals approximately 80,000m² of high-specification, last-mile logistics space in the key urban submarkets of Paris and Lyon.
Vice president of Capital Markets at Valor, Miles Muthu, said: “We have executed our original
business plan as intended.
“Five of the six originally financed assets have been fully refurbished and we’ve subsequently achieved significant rental uplifts ahead of our initial underwriting – reaching €200 (c.£171) per m² on some units.
“The Limeil exit crystallised strong returns, and we are now focused on maximising value across the retained portfolio.”
