The three-year facility, with expansion options is being used to support a number of comprehensive refurbishment programmes across the seven-asset, 120,000 sqm portfolio.
Allen & Overy Shearman served as legal counsel to the Apollo, while Valor was advised by Simmons and Simmons (legal), Oudot (notary), Lockton (insurance) and Chatham (hedging).
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Commenting on the deal Ben Eppley, partner and head of real estate credit for Europe at Apollo, said: “We are pleased to form this new lending relationship with both Valor and QuadReal, leading investors and operators in urban logistics, a sector that continues to show strong fundamentals in targeted markets.
“This refinancing presented an opportunity to lend into a well-capitalised, transitional business plan backed by strong sponsorship.”
Matthew Phillips, partner and head of finance and operations at Valor, said: “This debt financing will support us in delivering a number of refurbishment programmes with ESG upgrades to create high-specification and sustainable logistics space in undersupplied submarkets.
“We are thrilled to establish a new lending relationship with the world-class team at Apollo who delivered flawless execution, and we look forward to expanding this partnership in the years to come.”
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