CBRE Global Investors has refinanced its flagship Dutch Office fund with €300 mln of debt from US insurer Pricoa Mortgage Capital and two Dutch banks.
CBRE Global Investors has refinanced its flagship Dutch Office fund with €300 mln of debt from US insurer Pricoa Mortgage Capital and two Dutch banks.
CBRE GI has secured a six-year €200 mln term loan secured by the World Trade Center Amsterdam from Pricoa Mortgage Capital, and a five-year €100 mln revolving credit facility from a consortium of ING Real Estate Finance and ABN Amro Bank. The latter facility is secured by a selected pool of prime assets within the fund.
The CBRE Dutch Office Fund is a non-listed real estate fund managed by CBRE Global Investors with a portfolio value of €1.1 bn and a focus on multi-functional assets in prime office locations in the Netherlands.
In 2014, DOF's investment strategy, debt and legal structure, governance as well as terms and conditions were restructured to meet the requirements of current investors.
'We will continue to optimise the performance of the existing asset base and will aim at further diversification of the portfolio through focused acquisitions in the Dutch prime office market,' said Anne de Jong, portfolio director at CBRE Global Investors.
Pricoa Mortgage Capital is the commercial mortgage lending business of US-based commercial mortgage lender Prudential Financial.
Foreign comeback
Foreign investors have made a strong comeback in the Dutch property market over the past two years. They were behind 66% of total transactions in 2013 and 2014 - the highest percentage in Europe. This compares to just 30% in the previous decade (2004-2012), research from ABN Amro shows.
US players in particular were back in force, taking a 23% share of the investment market after being virtually non-existent in the nine preceding years. The financing sector has also seen new players such as Deutsche Hypo, the Royal Bank of Canada, while the CMBS market recently reported the launch of the €250 mln Deco Tulip securitisation of nine assets owned by PPF Real Estate and 11 retail outlets acquired by Mount Kellett and Sectie 5 Investments.
