Allianz and ABN AMRO provide EUR 301m refinancing ...

Allianz and ABN AMRO provide EUR 301m refinancing of a new, high-quality logistics portfolio developed by Dutch specialist Intospace

Paris | Munich | Amsterdam | Oisterwijk, 05/25/2022

Allianz Real Estate, acting on behalf of several Allianz Group companies, has provided 90% of a EUR 301 million, 7-year refinancing facility to Intospace for its portfolio of six brand new, high-quality logistics assets in the Netherlands. ABN AMRO, as arranger, co-lender and facility and security agent on the transaction, provided the remaining 10%. Around 20% of Allianz Real Estate’s share will come from the firm’s Luxembourg-regulated ‘PAREC’ debt fund.

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The grade A, future-proof properties in the portfolio are strategically spread across the Netherlands in the most sought-after locations near major air, rail and road transportation hubs and close to the main Dutch cities. The assets, fully let to blue-chip tenants and logistics companies, have been constructed to the most modern ESG and fit-out standards, with their prime quality confirmed by Allianz Real Estate’s in-house logistics experts. This loan enables Intospace to use the proceeds exclusively to fund developments that are making a substantial contribution to all stakeholders’ environmental objectives.

Intospace is an existing client of ABN AMRO and a new client for Allianz Real Estate’s European financing business. The firm, 100% owned by Dutch investment firm Somerset Capital Partners, is the number one logistics developer in the Netherlands and in the top five in Europe, and is renowned for its market knowledge, best-in-class logistic developments and logistics asset management capabilities.

Logistics is a high-conviction investment theme for Allianz Real Estate, both in its debt and equity business, with several high-profile transactions executed since the start of 2021 underlining the firm’s expertise in the sector. These include the EUR 280 million loan in September 2021 for the development of an 8-asset portfolio in the UK, complemented by recent direct equity investments in the Nordics, Italy and Austria. As of 31 March 2022, Allianz Real Estate’s global logistics assets under management (AUM) stood at EUR 12.6 billion.

Allianz Real Estate’s European debt business reached AUM of €11.7 billion, as at end of March 2022. The pan-European financing platform continues to be active in 12 countries, diversified across the office, logistics, residential and retail sectors.

ABN AMRO Bank NV has a leading real estate financing and debt capital market franchise in The Netherlands. By creating long-term strategic partnerships with its clients, ABN AMRO supports its clients in executing their strategies. Real estate is an important pillar in the North Western strategy of ABN AMRO. The loan book of ABN AMRO Real Estate contains over EUR 12 billion of real estate loans.

Bruno Dord, Head of Real Estate Finance Paris Hub at Allianz Real Estate, said: “We’re delighted to welcome Intospace as a new partner for our financing business. Our belief in the logistics sector, the quality of the assets and the expertise of Intospace combine to make this transaction a superb addition to our European lending platform. Our origination expertise and our pan-European network of business partners has once again delivered a transaction that will create real value for our Allianz and third-party investors.”

Maarten de Ruijter and Matthijs van der Horst on behalf of ABN AMRO, said: “Since 2014 ABN AMRO and Somerset's logistics platform Intospace have built a successful track record of more than 20 logistic development projects with a financing volume of approximately EUR 1.0 billion. Intospace has a clear strategy to develop to hold, and the partnership created with ABN AMRO supports this strategy. When marketing this transaction to potential lenders, the response confirmed Intospace’s leading position and track record.

“This transaction is an important achievement in executing the strategy of Intospace and shows our commitment and trust to the company and its strategy. We value our long-term partnership with this leader in logistics real estate and are proud to have been able to show our capabilities in real estate and debt capital markets with facilitating this new chapter in Intospace’s strategy execution.”

Tim Beckmann, CEO at Intospace

, said: “With Allianz and ABN AMRO, we have two solid debt financing partners, which will enable us to fulfil our growth ambitions. The world of logistics is changing drastically, the way we live and work is changing faster and faster. Consumer expectations are shifting from ‘delivery tomorrow’ to ‘delivered today’. And the challenges don’t stop there. For example, we need to replace polluting energy sources with CO2-positive energy systems; land scarcity in the Netherlands requires a more creative approach; we need to cut congestion in busy cities; and much more. Intospace believes that these problems can only be solved with a clear vision. Intospace is a one-stop-platform for future-proof warehousing solutions with a vision to develop long-lasting products that are going to be used by generations to come. We are delighted that Allianz and ABN AMRO share our vision and want to form this partnership with us.”

Allianz and ABN AMRO provide EUR 301m refinancing of a new, high-quality logistics portfolio developed by Dutch specialist Intospace

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