Intospace attracts 301 million euros in refinancing from Allianz and ABN AMRO

Oisterwijk, May 25, 2022 – Intospace, the largest Dutch developer of logistic real estate, has been provided with 301 million euros in refinancing by Allianz Real Estate and ABN AMRO. Part of this is a so-called Green Loan, a financing instrument that is used exclusively for sustainable projects. The new financing underlines Intospace’s ambitions in the field of far-reaching innovation and making logistic real estate more sustainable and helps the developer to realize these ambitions in the coming years.

Allianz and ABN AMRO have provided the refinancing on a portfolio of six brand-new, high-quality logistics properties in the Netherlands. Of the EUR 301 million financing arranged by ABN AMRO, 90 percent is provided by Allianz, with 20 percent coming from Allianz’s PAREC fund in Luxembourg. The remaining 10 percent is provided by ABN AMRO. That bank, in addition to being a co-lender and arranger, is also the facility and security agent for the transaction.

Logistics world changes

“With Allianz we are getting a strong, new partner and with ABN AMRO we have had a productive, pleasant partnership for years,” said Intospace CEO Tim Beckmann. “With the growth capital they are providing, we are able to realize even better logistic real estate. The logistics world is changing dramatically, and the way we live and work is also changing at an accelerating pace.”

“For example, consumers are adjusting their expectations from ‘delivery tomorrow’ to ‘delivered today,'” Beckmann continued. “But the challenges don’t stop there: polluting energy sources must be replaced by sustainable, CO2-neutral energy systems, the scarcity of land in the Netherlands requires a more creative approach, busy cities with congested traffic must be relieved, and so on. Intospace believes that these problems can only be solved with a clear vision. We are pleased that Allianz and ABN AMRO share that vision with us and are helping us to realize these ambitions.”

Confidence in Intospace’s expertise

Bruno Dord, head of Real Estate Finance at Allianz Real Estate’s Paris office, says he is delighted to have Intospace as a new partner. “Our confidence in the logistics sector, the quality of the properties and Intospace’s expertise make this investment an excellent addition to our European portfolio. Our expertise in handling and assessing loan applications and our Europe-wide network of business partners, have provided us with another transaction that is of great value to Allianz and its external investors.”

Maarten de Ruijter of ABN AMRO and his colleague Matthijs van der Horst say that since 2014, the major bank, Intospace, and Somerset Capital Partners (which spun off its logistics real estate business with the creation of Intospace in 2021) have already together completed some 20 projects with a total financing volume of over one billion euros. “This transaction is an important milestone in the implementation of Intospace’s strategy and also underlines our commitment and confidence in the company and its strategy,” said De Ruijter. “We appreciate the long-term collaboration with this market leader in logistics real estate. We are also proud that with the combined knowledge and expertise of our real estate and debt capital market teams, we have been able to support them in achieving this new chapter in the execution of Intospace’s strategy.”

A-grade properties

Allianz and ABN AMRO describe the properties in which they are investing as “A-class, future-proof and strategically located within The Netherlands across the major hubs for air, rail and road transport and close to key Dutch cities.” Allianz Real Estate’s logistics experts rated the properties as outstanding in part because of the high standards they meet and the reputable tenants known for their quality and reliability. Among the six properties being refinanced is the recently completed distribution center at Schiphol Trade Park in Hoofddorp, which is designed to operate completely independently of the local electricity grid on green power (see image).