German insurance group Allianz has teamed up with Dutch bank ABN Amro to provide debt financing for the largest ever single-asset real estate investment transaction in the Netherlands.
Several Allianz companies, represented by Allianz Real Estate, formed a club with ABN Amro for the €300 mln loan for the acquisition of The Atrium office complex in the Zuidas, a business and new residential district in the south of Amsterdam.
News of the financing agreement came a day after French asset manager Amundi Real Estate confirmed the completion of The Atrium transaction. The share deal was worth over €500 mln, the largest single-asset property transaction ever in the Netherlands.
Amundi was acting on behalf of its managed funds for retail investors as well as several Korean investors represented by the fund management company Koramco Asset Management. L'Etoile Properties assisted Amundi during the acquisition process and has also been managing the building since final delivery.
The Allianz-ABN Amro financing equates to a loan-to-value ratio of around 60%. Allianz took a majority participation in the facility, while ABN Amro acted as sole placement and facility agent, and took a minority participation.
The Atrium is an office complex of around 60,000 m2, comprising of a fully renovated building constructed in 1976 and two new towers. The South Tower was delivered last while the North Tower was delivered in October 2017.
Eastdil Secured acted as advisor to the acquiring consortium and Greenberg Traurig advised the borrowers on the legal aspects. Simmons & Simmons provided legal advice to the lenders.
Commenting on the financing transaction, Roland Fuchs, head of European real estate finance of Allianz Real Estate, said: 'The financing of The Atrium – the most prominent single asset financing in the Dutch office market – is another example of how Allianz is able to take large ticket sizes, either alone or alongside well-known partners like ABN Amro.'
'The Atrium is yet another interesting financing deal in what has been a very successful 2017 for Allianz Real Estate. Having recently concluded debt investments in the UK, Italy, France, Ireland, Spain and the Czech Republic, we are pleased to expand our footprint in the Netherlands, furthering our strategy to broadly diversify our loan book on a Pan European basis,' Fuchs added.
