Amsterdam-based IEF Capital has secured long-term bank refinancing for a fund that owns €700 mln of real estate assets in the Netherlands.
Amsterdam-based IEF Capital has secured long-term bank refinancing for a fund that owns €700 mln of real estate assets in the Netherlands.
The fund, IEF Capital Rietveld, holds offices valued at €365 mln and €335 mln of retail property. Its existing loans were due to expire at end-2014 but have now been extended to 2020. The new financing agreement also entails further de-leveraging. Occupancy for the office assets averages 90%, while the retail element has a vacancy of just 3%.
IEF secured the financing from several Dutch banks and German property lender Westimmo.
In the largest deal, a consortium of Dutch banks, comprising ING (consortium agent), NIBC and Propertize, provided €220 mln of financing for a sub-portfolio comprised mainly of office assets. German property lender Westimmo provided another €60 mln, also for office assets.
Two €75 mln financings were secured for portfolios of long-leased retail assets. One was provided by another ING-led consortium with property bank FGH, and the second by ABN-Amro.
Loyens & Loeff provided legal advice to IEF Capital on the refinancing programme. Houthoff Buruma advised the banks in the first two deals and Clifford Chance in the last two.
IEF Capital is a joint venture between Bouwfonds Investment Management and Inflation Exchange Fund (IEF). The joint venture owns €2.5 bn of Dutch real estate which is divided between IEF Capital Rietveld and four other funds.
Want to know more about Dutch real estate? Property is holding an investment briefing on the Netherlands as well as three other briefings during the International Day on 4 June at the Provada real estate fair in Amsterdam.