ING REF funds WP Carey's Dutch buy

ING Real Estate Finance (ING REF) has agreed to provide a EUR 70.5 mln funding to WP Carey's publicly-held, non-traded REIT affiliates CPA®:15 and CPA®:17 - Global. The debt facility will be used to finance WP Carey's EUR 155 mln acquisition of six distribution centres formerly owned by C1000, the second-largest supermarket chain in the Netherlands. BAWAG PSK joined the term loan facility arranged by ING REF.

C1000 will continue to occupy the properties on a long term basis. The mortgage-backed financing of this sale and leaseback transaction is fully tailored to the criteria of the WP Carey funds regarding structure, principal, term and amortisations, the companies said.

'We are pleased to secure a fast and efficient financing package from ING REF related to our large all-equity sale-leaseback investment with C1000. The proceeds from the syndicated loan will be used to continue our acquisition of long-term, inflation-protected, income-generating investments on behalf of our investors,' said Jeff Lefleur, WP Carey's executive director

Rudolf Molkenboer, global head of ING Real Estate Finance, added: 'This transaction shows our capability to use ING REF's global network assuring a smooth global process with maximum flexibility. ING REF is active as a real estate financier in the market and we are very pleased with this transaction.'

ING REF acted as mandated lead arranger and sole bookrunner in this transaction.