Pricoa refinances Dutch portfolio

Pricoa Mortgage Capital is providing the majority share of a real estate refinancing package in the Netherlands.

Pricoa provided €55.5 mln of a €70.5 mln loan secured by a portfolio of six logistics properties in the Netherlands owned by US sale-and-leaseback specialist REIT, WP Carey.

This is Pricoa's first commercial real estate loan in the Netherlands and its third in Europe since entering the market in 2012. Pricoa is the commercial mortgage lending business of New York-listed Prudential Financial.

The properties are leased to C1000, a Dutch national supermarket chain recently acquired by Jumbo to form the second-largest grocer in the Netherlands. Pricoa is refinancing a majority of the existing senior loan, and the existing lender, ING Real Estate Finance, will continue to provide €15 mln in subordinate financing.

Pricoa said that the seven-year financing helped move the company a step closer to its 2013 goal of providing €600 mln of long-term, fixed-rate senior debt transactions in Europe. The company said it had the ability to do significantly more than this.

The focus is on office, logistics, multifamily, and retail properties in and around large population centres such as London, the major cities in Germany, Paris, and the Netherlands. Pricoa is also seeking to finance transactions in collaboration with local banks, especially on the European continent.

'Many commercial property owners across Europe are looking to broaden their sources of capital as dislocation in the real estate finance market continues,' said Thor Orndahl, managing director of Pricoa's non-US mortgage platforms. 'Logistics is a preferred asset type of ours globally, and gaining exposure to Dutch and German distribution remains an important strategic objective.'

ING REF said it will seek future financing opportunities with Pricoa.