Vanir Logistics Finance SA RL: 12 December 2025

A stand-alone transaction, where the Issuer will make payments on the Notes and the Issuer Loan from payments of principal and interest received by the Issuer under its interest in the loans advanced by the Lender to each Borrower pursuant to the Facilities Agreement. On the Closing Date, the Issuer will acquire a 100% interest in the Loan pursuant to the Loan Sale Documents.

The Loan is secured by, among other things, a portfolio of 18 logistics properties, of which 3 are located in Belgium, 7 are located in France and 8 are located in The Netherlands. The properties offer 343,982 sqm of gross leasable area which is let to 36 unique tenants at an average occupancy level of 87%. The Property Portfolio generates €19.0m of gross rental income with a weighted average unexpired lease term to expiry of 4.0 years and a weighted average unexpired lease term to first break of 2.7 years.

EU, UK & US Risk Retention: For the purposes of satisfying the EU risk retention requirements, the UK risk retention requirements and the US risk retention requirements, MSBNA as the Retention Holder and a majority-owned affiliate of the Retaining Sponsor will, pursuant to the Issuer Loan Agreement, advance a euro loan to the Issuer on the Closing Date. As at the Closing Date, the principal amount of the Issuer Loan will be equal to €11,265,263.16, being equal to no less than 5% of the sum of (i) the aggregate principal amount outstanding of the Notes and (ii) the principal amount of the Issuer Loan on the Closing Date.

Compare/contrast: Sequoia Logistics 2025-1 DAC, Dutch Mortgage Finance 2025-1 BV