Morgan Stanley has launched Vanir Logistics Finance S.à r.l., a securitisation of an €212 million floating-rate commercial real estate loan originated by the US bank and backed by a portfolio of 18 logistics properties located across France, Belgium and the Netherlands ultimately owned by EQT.
The loan amount is the aggregate of Facility A, Facility B (€41.8 million and €72.9 million respectively) and the 2025 Accordion Facility (€97.3 million).
The portion of the loan under Facility A and B was advanced by Morgan Stanley as original lender to each original borrower on 19 May 2025 and secured over the French properties. The existing loan was subsequently sold to Parlex 6 EUR FINCO, an indirectly owned subsidiary of Blackstone Mortgage Trust. On 25 July 2025, a further loan, the 2025 accordion facility, was advanced in respect of the Dutch and Belgian properties to the property portfolio.
Prior to the closing date, [2 December 2025], the loan will be assigned from the Blackstone original lender to Morgan Stanley Bank.
The borrowers are 11 obligors ultimately controlled by funds managed by real estate investor EQT. The loan has a term of five years, with no extension options available. The portfolio comprises 3.7 million square feet (343,982 square metres) of logistics.
Of the 18 properties, seven are French assets, eight are Dutch assets, and three are Belgian assets. On 15 April 2025, Jones Lang LaSalle valued the 18 properties at €301.5 million. This translates to a day-one loan-to-value ratio of 70.3%.
The largest property by market value is the 50,576-square-metre (544,000-square-foot) asset "Noord Holland - Amsterdam Westpoort I", a warehouse logistics asset in Amsterdam. It is fully let to DSV Solutions Netherlands, a global business logistic operator based in Denmark,
The second largest property is the 25,393-square-metre asset "Avignon - Montélimar I", a warehouse logistics asset in the city of Montélimar.
Year-to-date European CMBS issuance now totals €6.2 billion across 11 transactions, 68% of which are sponsored by US private equity giant Blackstone, compared with four deals and a €1.6 billion issuance volume in 2024.
Those details appeared last month as UK Logistics 2025-2 DAC, a £507 million Blackstone-sponsored commercial mortgage-backed security, collateralised by 114 Indurent logistics assets, priced at the second-most competitive margin for a CMBS in Europe in nearly five years.
The European CMBS market has been busy in 2025 with more issuers, sponsors and asset classes thanks to increasingly competitive pricing. United States private equity giant Blackstone has been by a long way the most active sponsor.
The strong performance in European issuance has come despite a slight pause in April following United States trade tariff announcements, and ongoing geopolitical uncertainty.
Financing of industrial properties has dominated issuance this year. Appetite for big-ticket industrial portfolio and platform deals underscores investor confidence in the future performance of the industrial sector in the United Kingdom, according to CoStar analysis of the sector.