Dutch real estate firm Merin has secured a five-year €240 mln loan from two Dutch banks to grow its portfolio and invest in sustainability.
Dutch real estate firm Merin has secured a five-year €240 mln loan from two Dutch banks to grow its portfolio and invest in sustainability.
ING Real Estate Finance and ABN AMRO each contributed a 50% share to the secured-term loan as joint underwriters.
Merin BV is one of the largest commercial real estate platforms in the Netherlands, with 175 assets in five locations. Its total portfolio of primarily offices and light industrial units has a total market value of approximately €565 mln.
Robert van Deelen, head of relationship management large accounts at ABN AMRO Real Estate, said:
‘One of the pillars of our long-term strategy focuses on financing sustainable real estate assets. This refinancing is a substantial driver in converting the portfolio into high-quality assets.’
Bas van Holten, CEO of Merin, said: 'The company has made substantial progress since the investment by TPG and Patron three years ago. We have welcomed many new tenants and have increased our renewal rate to the high 70s. Merin has also improved its occupancy rate, with the core portfolio now being around 80%.'