Orange Capital Partners secures €78.5m acquisition debt refinancing

PGIM’s commercial mortgage lending business and ABN AMRO have joined forces to provide a €78.5m debt facility to Dutch real estate firm Orange Capital Partners (OCP).

OCP said it has refinanced the acquisition debt secured against multiple residential portfolios in the Netherlands, with around 700 units and a total net market value of more than €135m.

Dutch bank ABN AMRO, who had financed the original acquisition of the portfolios, acted as arranger and placement agent on the transaction, teaming up with PGIM Real Estate Finance to execute the 7-years senior term loan facility.

PGIM Real Estate Finance took a majority fixed rate participation in the facility, while ABN AMRO remained active in the transaction as agent, and took a minority floating rate participation.

Hedde Reitsma, a partner at Orange Capital Partners, said: “We are excited to have closed this refinancing transaction together with ABN AMRO and PGIM at more attractive terms for our investors than the original acquisition financing.”

Boudewijn Brouwer, a director of debt capital markets at ABN AMRO, said: “This transaction underlines once more that we are able to successfully assist our clients in realizing their investment strategies by supporting them with our balance sheet, but also to partner up with other institutional investors where possible to further optimize the funding structure.”

David Gingell, the head of continental Europe senior debt originations at PGIM, said: ”We’re very excited because this represents a series of firsts for us: our first residential financing in the Dutch market, a preferred asset class of PGIM Real Estate Finance globally; the first time we have supported OCP in their growth ambitions; and the first time we have partnered with ABN AMRO to provide an innovative and flexible financing solution.”

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