ING sole lender of €83m term loan for KWASA Goodman Germany
ING has granted a € 83m term loan facility to finance the acquisition of three logistic assets in Germany. The loan is a 7 year bullet term loan secured by first ranking mortgage. The transaction is split into two tranches and connected to the handover of the asset whereby the first tranches of EUR 28.3 million was disbursed in June 2016 and the remaining amount will be drawn in Q1 2017.
KWASA Goodman Germany is a co-investment between Employees Provident Fund (EPF) Malaysia and Goodman Group for investment in logistics assets. EPF is a national social security organization that provides retirement benefits to its members through management of their savings. As of December 2015 EPF had assets under management of c. €145.7bn (RM684.5bn).
Goodman Group is an Australian integrated commercial and industrial property group that owns, develops and manages real estate globally. As at March 2016 Goodman Group had assets under management of c€22.4bn.
ING has a long existing relationship with Goodman and has provided them lending services in both Asia and Europe.