Starz Real Estate has funded a €41.4 million whole loan facility secured by a pan-European portfolio of light-industrial properties owned by Angelo Gordon’s net lease real estate strategy. The 9-asset strong portfolio – predominantly located in the Netherlands and to a lesser extent in Germany – are all single-let to the seller of the properties, a leading food manufacturer in Western Europe.
Angelo Gordon acquired the portfolio via a sale-leaseback transaction with the seller and has brand-new, long-dated triple-net leases in place. The properties total approximately 70,000 square metres of light-industrial space, predominantly used for production line facilities as well as storage. All the assets are mission-critical to the tenant’s operations worldwide and were either built-to-suit or refurbished and expanded over time to accommodate the tenant’s requirements.
Gregoire Millet, Director at Starz Real Estate, said: “We are pleased to have supported Angelo Gordon on yet another acquisition of mission-critical industrial assets in continental Europe. The properties benefit from good macro and micro locations, in particular in the Netherlands, and are long-let to a strong tenant operating in an essential and counter-cyclical industry providing downside protection. This transaction further demonstrates Starz’ ability to provide strong sponsors with flexible cross-border financing packages in spite of the challenging rate environment.”
Paul Lewis, Managing Director, Net Lease Real Estate at Angelo Gordon, stated: “The current macro-economic climate continues to present attractive sale and leaseback opportunities and we were pleased to once again partner with Starz Real Estate, who well understood our thesis for this well located triple-net industrial portfolio.”
Gordon Whiting, Founder and Portfolio Manager of Angelo Gordon’s net lease real estate strategy, added: “We appreciate the financing support of Starz Real Estate as we continue our expansion in Europe.”
Angelo Gordon was advised by CBRE, Paul Hastings, Osborne Clarke and REIUS on the financing whilst Starz was advised by Simmons & Simmons. JLL provided valuation services.