Pricoa provides €240m refinancing to Q-Park

Pricoa Mortgage Capital has provided €240 mln in financing to Q-Park, the second-largest parking operator in Europe.

The loan is secured against a portfolio of 13 structured parking facilities in the Netherlands.

The deal represents Pricoa Mortgage Capital’s second mortgage loan in continental Europe since launching its European business in 2012. Pricoa Mortgage Capital is the commercial mortgage lending business of US-headquartered Prudential Financial.

The €240 mln loan has a five-year term and is predominantly fixed rate, though it includes a small floating rate component. It follows Pricoa’s first transaction in continental Europe in April, when it provided €55.5 mln of a total €70.5 mln financing package secured against a portfolio of six Dutch logistics properties owned by WP Carey.

Pricoa said that following this latest transaction, it is on course to exceed its 2013 goal of providing €600 mln of long-term, fixed-rate senior debt transactions in Europe. The company added that it has the ability to lend significantly more than this if it sources the right opportunities.

The European programme offers similar loan structures to those offered in the US and, as in the US, Pricoa has the ability to fund individual transactions of significant size.

Pricoa is primarily focused on office, logistics, multi-family and retail properties in and around large population centres such as London, the major cities in Germany, Paris, and the Netherlands. Pricoa also seeks opportunities to finance transactions in collaboration with local banks, especially on the European continent.

‘The Q-Park refinancing is an excellent example of our programme’s flexibility when we are presented with compelling real estate and strong sponsorship,’ said Drew Abernethy, head of European originations. ‘Our ability to finance large deals without the uncertainties that some borrowers associate with syndicated debt is creating opportunities in the European markets we target.’