Logistics specialist Delin Property has secured a €227M loan to refinance its Dutch logistics fund from a group of three banks.

Provided by ING and German banks pbb Deutsche Pfandbriefbank AG and Deutsche Hypo - Nord/LB Real Estate Finance, the five-year loan will be used to refinance debt from the fund’s 13 assets.

The loan will also be used for planned capital expenditure across the fund’s warehouses, located in key distribution centers across the Netherlands, such as Amsterdam, Rotterdam and Roosendaal.

No additional details regarding the new loan were released, other than it was arranged on “competitive terms,” Delin partner and Chief Financial Officer Nick Martin said in a statement.

The Delin Dutch Logistics Partners Fund includes assets measuring close to 385,000 square meters of leasable space, let to several third-party logistics providers and large companies like supermarket group Ahold Delhaize.

Delin Property is a co-investor in the fund, which was set up in 2021, together with other third-party institutional backers from Germany, Austria and Switzerland. 

The firm also oversees asset management for institutional clients, such as Blackstone funds, and develops, operates and is a balance sheet investor in logistics warehouses in the Netherlands.

Delin Property acquired sites this year to construct 40,000 square meters of best-in-class warehouse space, and in March it sold a 33,000-square-meter facility in Gilze that it had developed and leased to M&G Real Estate.

The refinanced loan comes as the Dutch logistics market has entered a “phase of reorientation,” according to Savills.

Stock growth is slowing down while vacancy is rising. Total stock increased 27% between 2021 and 2026 to 51.4 million square meters, and the share of vacant space jumped from a record-low 2.6% in 2022 to 6.8%. 

First-half takeup dropped from 2.3 million square meters in 2021 to 950,000 square meters in 2026. That drop was most noticeable in the 12 main logistics hubs in the Netherlands, where takeup fell 64%, compared to 49% elsewhere.

Savills attributed this to a lack of available space rather than weakening demand, as availability in core hubs is 5.9%, compared to 7.7% in the rest of the country.