Valad takes over CEE portfolio from JV partner Aviva
Valad Europe has taken over a CEE industrial portfolio from Aviva Investors, the joint venture partner with whom it bought the assets with more than a decade ago. Comprised of 22 multi-let assets located in Poland, the Czech Republic, Hungary and Romania, the Central European Industrial Fund (CEIF) totals 620,000 sqm of industrial space. The portfolio has been refinanced by pbb Deutsche Pfandbriefbank with a €160m loan. The loan replaces a €169m, three-year facility signed in 2013 with the same bank.
“The acquisition and extension of CEIF is a great result and comes at a time when there is strong demand for industrial and logistics assets in Central and Eastern Europe,” said Thierry Leleu, head of funds management at Valad Europe.