Sunrise Real Estate and Ares Management have secured a refinancing for their approximately EUR 1.5 billion European logistics portfolio from Apollo Global Management and Blackstone.
Sunrise Real Estate is a real-estate-investment-management company headquartered in London. Ares Management Corporation is an alternative-investment manager operating in the credit, private-equity, and real-estate markets.
Apollo Global Management and Blackstone are jointly providing a EUR 800 million loan secured against the portfolio, which is made up of 33 assets totaling 1.2 million square meters across the UK, France, Germany, Netherlands, Spain, and Poland. The five-year loan sits at a loan-to-value of approximately 55%.
“We began building our European logistics portfolio with Ares in 2020,” said Richard Hollingsworth, Chief Financial Officer at Sunrise Real Estate, “and we are now very pleased to have secured a refinancing, in a deal that reflects the current confidence in the market, for the right logistics assets in the right location.”