A consortium of German and French banks has agreed to extend a EUR 328 mln real estate financing to Toronto-listed Dundee International REIT. The financing relates to the acquisition by Dundee International REIT of nearly 300 logistics and commercial properties mostly let to Deutsche Post (75%), with an average term of seven years.

The assets providing 1.2 million m2 of space in Germany were bought in June from the Luxembourg-based fund Lorac Investment Management.

Lorac acquired 1,200 properties from Deutsche Post World Net in a sale-and-leaseback transaction in April 2008.

The bank consortium members are Société Générale, DekaBank Deutsche Girozentrale, Corealcredit Bank and Deutsche Postbank.

Hengeler Mueller advised the banks on the financing.