Real estate lender ING has closed a €40 mln loan to refinance three adjacent office buildings in Lisbon, Portugal.
ING acted as sole lender to three different special purpose vehicles (SPVs) that each hold one asset.
'The Portuguese market is a very relevant market for ING REF Iberia. We benefit from a significant pipeline under execution of commercial real estate financings amounting to around €300 mln across retail and offices,' commented Julian Bravo, responsible for ING Real Estate Finance Iberia.
The sponsor of the three SPVs is Global Asset Capital, a private equity and venture capital firm specialised in structured finance and real estate.
The offices are located at the Marques de Pombal roundabout, which is the main entrance of Lisbon’s downtown, and comprise Marques de Pombal 12 (5,420 m2 office GLA and 240 sq m retail unit); Marques de Pombal 13 (3,131 m2 office GLA and two retail units); and Camilo Castelo Branco 45 (5,921 m2 GLA). The properties are all leased to quality tenants on long term leases.
The financing of the Marques de Pombal office building is the first office financing for ING in Portugal.
