Allianz Real Estate and ING Bank have refinanced a Czech logistics real estate portfolio for 鈧�160m.
It is the first time the German insurer 鈥� which provided 鈧�100m of the loan 鈥� has provided commercial real estate finance in the Czech Republic.
The portfolio is owned by central European real estate developer CTP.
The German insurer and Dutch bank are refinancing existing loans from a group of Central and Eastern European (CEE) banks and providing funding for new projects that have been completed this year.
Roland Fuchs, head of European Commercial Real Estate Finance of Allianz Real Estate, said: 鈥淭his is our first financing of logistics real estate in the Czech Republic.
鈥淲ith this transaction, we both expand our footprint in CEE and increased the logistic share in our European portfolio, not only by indirect investments in logistics funds but also by debt transactions.鈥�
CTP said it was looking to extend its network of financing partners, including those outside the CEE region.
Zden臎k Raus, financial manager at CTP said: 鈥淲e are very pleased with today鈥檚 closing between CTP, the Allianz and ING. This new credit confirms CTP鈥檚 efforts to expand our portfolio of financial partners to Western European institutions.鈥�
