Thunder Logistics 2024-1 DAC: 27 October 2024

The Issuer will make payments on the Notes and the Issuer Loan from payments of principal and interest received by the Issuer under loans advanced by the Loan Sellers to the Borrowers. On the Closing Date, the Issuer will acquire a 100% interest in the Loan.

The Loan will be secured by, among other things, a portfolio of 22 big box logistics properties located in Germany, The Netherlands, France and Spain, for entities related to Blackstone Inc. The Properties offer 462,828 sqm of total gross lettable area (GLA) which is currently let to 24 unique tenants at an occupancy level of 80.8%. The Property Portfolio generates €19.5m of gross rental income (GRI). On average, the properties in the portfolio have either been built or refurbished since 2007. The Property Portfolio is geographically spread across four European countries, with the assets located in Spain accounting for 37% of the Property Portfolio by market value. The residual assets are located in France (c.37% MV), Germany (c.17% MV) and The Netherlands (c.9% MV).

EU, UK & US Risk Retention: For the purposes of satisfying the US, EU and UK risk retention requirements, Goldman Sachs Bank USA (the "Retaining Sponsor") will, pursuant to the Issuer Loan Agreement, advance a euro loan in an amount equal to €13.1mln to the Issuer on the Closing Date, being equal to not less than 5% of the sum of (i) the aggregate principal amount outstanding of the Notes and (ii) the principal amount of the Issuer Loans on the Closing Date.

Goldman Sachs Bank USA and Société Générale SA, as originators, will together retain a material net economic interest of not less than 5% in the securitisation.

Compare/contrast: Last Mile Logistics Pan Euro Finance DAC