German lender Berlin Hyp has provided a €54 mln senior loan to finance a Brussels area office property acquired two months ago by Canada's Dream Global REIT.
The financing equates to a 56% loan-to-value ratio based on the €96 mln Dream Global paid in May for the 35,000 m2 Airport Plaza complex.
Following the acquisition, and a competitive selection process between Belgian high street banks and international lenders, Dream Global REIT will team up with Berlin Hyp to re-finance the multi-tenant office building in Brussels.
Airport Plaza is situated next to Brussels International Airport. It was built in 2011 and is currently 97% occupied, with a weighted average lease term of 8.1 years.
The tenants include Samsung, Levi Strauss, Air Products, Estée Lauder, Sanofi, McDonalds, Chevron and NN Belgium.
Airport Plaza Allen & Overy acted as legal advisors to Berlin Hyp. CBRE Debt & Structured Finance arranged the financing on behalf of Dream Global and guided them throughout the financing process. Loyens and Loeff provided legal advice.
