Valor secures €148m urban logistics financing

Valor Real Estate Partners has completed two financings totalling approximately €148 mln across urban logistics portfolios in Paris and Lyon, provided by Deutsche Pfandbriefbank (pbb).

VREP Aulnay Sous Bois

The first facility, worth €113 mln, was arranged for Valor’s joint venture with QuadReal Property Group and is secured against a nine-asset portfolio spanning about 63,400 m2 in Paris and Lyon. These assets benefit from direct motorway access and are leased to tenants in construction, healthcare, automotive distribution, and logistics. Two distribution parks under development (Mitry-Mory and Aulnay-sous-Bois) will be completed in May 2026 with strong ESG credentials, while other assets are either fully let or actively marketed.

The second facility, valued at €35 mln, was completed for Valor’s joint venture with RSF Partners. It covers a two-asset portfolio totalling 30,900 m2 in north Paris, fully let on long leases with a weighted average term of 8.74 years. The Dugny warehouse (25,832 m2) was refurbished between 2021 and 2023, achieving an EPC ‘A’ rating, while the Roissy-en-France facility (5,090 m2) was refurbished in 2024 and holds an EPC ‘B’ rating.

pbb was selected after a competitive process involving banks and debt funds, with its proposal standing out for structure, pricing, and its strong relationship with Valor.

Miles Muthu, senior VP at Valor, commented: “Both portfolios are anchored by best-in-class, ESG-compliant assets in supply-constrained urban submarkets, let to, or being repositioned for, strong occupiers. We are delighted to have delivered compelling outcomes for both RSF Partners and QuadReal, and we remain highly active and conviction-led in French urban logistics.”

Olivier Katan, head of Real Estate Finance France at pbb, added: “These simultaneous sizable transactions illustrate pbb’s ability to underwrite and execute complex transactions within tight time frames in a highly competitive environment. They also demonstrate the reliability and efficiency of the bank’s new operational model and strategy.”

Thomas Blangy, senior VP at QuadReal, commented: “Together with Valor, we have built a compelling portfolio of well-located and top-quality last-mile logistics assets. In particular, the regions around Greater Paris and Lyon, which represent some of Europe’s most important logistics markets, represent key areas of strength.”