CBRE Global Investors has secured a €120 mln new term loan from ING Bank for the CBRE Dutch Retail Fund.
According to CBRE GI, the eight-year credit facility is a next step in the strategy to lower the cost of the debt.
The process started in 2016 when the fund team restructured the fund and subsequently amended and extended its existing Revolving Credit Facility (RCF) into a €200 mln RCF with a term of five years.
'The interest in the Dutch retail market and in particular the CBRE Dutch Retail Fund continues to grow with both national and international investors,' commented Rik Eertink, fund manager CBRE Dutch Retail Fund (pictured).
'We will continue to strengthen our position as a leading core retail fund in the Netherlands, serving those investors who are seeking exposure to retail via a high quality portfolio of dominant shopping centres, high street assets at prime locations and winning convenience clusters in the Netherlands.'
The fund has recently secured additional commitments of €140 mln from both new and existing investors in the fund, following a refinement of its strategy.
The CBRE Dutch Retail Fund is a non-listed real estate fund managed by CBRE Global Investors with a portfolio value of €1.5 bn, with a focus on prime retail locations in the Netherlands.
