Aerial view of a solar-panel-covered warehouse roof with red trucks at loading docks.

QuadReal and Valor complete €105 million refinancing with Deutsche Pfandbriefbank AG for five-asset urban logistics portfolio in France

Transaction underscores ongoing investor appetite for institutional-grade, ESG-compliant logistics assets in supply-constrained urban markets

Valor Real Estate Partners (“Valor”), Europe’s fastest-growing last mile specialist, has completed, on behalf of its joint venture with QuadReal Property Group (“QuadReal”), a global real estate investment, development and operating company, the refinancing of a five-asset urban logistics portfolio located across Paris and Lyon. The €105 million, three-year senior facility has been provided by Deutsche Pfandbriefbank AG (“pbb”).

The facility refinances an initial €105 million facility, completed with pbb in 2022, which was secured against a six-asset last-mile logistics portfolio. One of the assets, located in Limeil-Brévannes, was sold in 2024, generating a 30+% internal rate of return.

The current portfolio totals approximately 80,000 sqm of high-specification, last-mile logistics space in the key urban submarkets of Paris and Lyon. Having acquired the assets off-market between 2021 and 2022, Valor has significantly repositioned the portfolio through a comprehensive ESG-led refurbishment and proactive leasing programme. The portfolio’s ESG performance is a key differentiator, with over 80% of the assets expected to achieve an EPC A rating.

The portfolio is 81% occupied with a weighted average lease term of 7.0 years, and significant reversion still to be captured. The portfolio will be fully stabilised in H2 2025, once the four remaining units are leased.

Miles Muthu, Vice President of Capital Markets at Valor, commented: “We have executed our original business plan as intended. Five of the six originally financed assets have been fully refurbished and we’ve subsequently achieved significant rental uplifts ahead of our initial underwriting – reaching €200 per sqm on some units. The Limeil exit crystallised strong returns, and we are now focused on maximising value across the retained portfolio.”

Olivier Katan, Head of REF France, at pbb, added: “Together with the Paris team at pbb, notably Johann Demazel and Nicolas Rousseau, we are delighted to support Valor in the re-development of this value-added logistics transaction with a strong ESG dimension. This transaction not only provided an opportunity to work with the Valor teams once again, but also illustrates our commitment to supporting our clients in improving the energy performance of their assets, thanks to our institutions proven expertise in financing accretive capex for all types of assets.

Thomas Blangy, Senior Vice President at QuadReal, said: “The success of this refinancing is testament to the attractiveness and quality of these assets. Alongside Valor, we have built a robust portfolio of best-in-class industrial and logistics assets across Europe and the UK, with France representing a key area of strength, in line with our global investment strategy of targeting high growth urban logistics hubs in key markets.”

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About Valor REP

Valor Real Estate Partners LLP (“Valor”) is a pan-European industrial platform, headquartered in London, focused on urban/infill industrial and logistics properties in the UK, France, Germany, Benelux, Spain and Italy.



Founded in 2016, Valor is a full-service development management and investment business with offices in London, Parisand Berlin. Today the Company manages a c. 200+ asset portfolio totalling more than 13.5 million sq ft and more than €3.5bn of AUM on behalf of a number of global investors.

For further information please email [email protected] or visit
http://www.valorrep.com/

About QuadReal Property Group

QuadReal Property Group is a global real estate investment, development and operating company headquartered in Vancouver, British Columbia. Its assets under management are $94 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating platforms in which it holds an ownership interest.

QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.

QuadReal: Excellence lives here.

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QuadReal and Valor complete €105 million refinancing with Deutsche Pfandbriefbank AG for five-asset urban logistics portfolio in France