Apollo closes €900m logistics portfolio refinancing

Apollo-managed funds have provided approximately €900 mln in senior secured financing for a pan-European logistics and industrial portfolio.

Logistics

This financing will primarily refinance existing debt for the Strategic Industrial Real Estate (SIRE) platform, a joint venture between Cerberus Capital Management and Arrow Capital Partners.
The SIRE portfolio consists of 92 high-quality logistics and industrial properties, totalling over one million m2, located in key European distribution areas across the UK, Germany, the Netherlands, Spain, Ireland, and Poland. 
The urban and mid-box logistics properties and industrial space have a diversified and long-term tenant base, including investment-grade occupants.
Ben Eppley, partner and head of Real Estate Credit, Europe at Apollo, said, “This bespoke solution refinances a diversified, high-quality portfolio of strategically located logistics and industrial assets, which benefit from resilient demand and supply dynamics. We continue to see strong interest from sponsors seeking holistic, single lender solutions where we can transact with certainty and scale.”
Julio Dominguez, head of European Financings at Cerberus, commented, “Apollo’s investment reflects the strong market recognition of the value we have built across our SIRE platform. With a high-quality portfolio and robust market fundamentals, this refinancing supports our commitment to advancing our strategy across Europe.”
Gibson Dunn and Greenberg Traurig advised the Apollo funds, Eastdil advised Cerberus, while Linklaters advised Cerberus.