A real estate debt fund managed by Tristan Capital Partners has provided a €45m loan to help fund an office-to-residential conversion project in the Netherlands.

Tristan’s TIPS One Debt Fund has provided senior debt financing to Dutch housing platform Elfi to finance the conversion of three office buildings into a multi-family residential scheme in Rijswijk. The existing office buildings will be transformed into 244 residential apartments.

Dan Pottorff, the head of debt investment at Tristan Capital Partners, said: “Residential is an asset class we have increasing exposure to within the TIPS One lending programme.”

Including the latest transaction, the TIPS One fund has deployed over €700m in whole-loan lending on 14 loans across the UK and Europe.

“The current dynamics of the Dutch market make this scheme an ideal asset for TIPS One as the supply constraints on the delivery of new homes in the Netherlands is creating favourable demand dynamics for high-quality, well-located and sustainable residential,” Pottorff added.

Just Pereboom, CFO at Elfi, said: “This funding allows us to accelerate our growth in transforming office buildings into residential apartments and continue to deliver sustainable, high-quality housing to our customers. In Tristan Capital Partners, we have found a highly experienced partner who shares our vision for the Dutch housing market.”

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