QSix Real Estate Finance, the lending platform launched in 2017 which specialises in mid-sized ticket loans, has signed a five-year €40 mln loan to refinance two industrial complexes in the Netherlands.
The loan is the fourth to be closed by QSix REF in the Dutch market since opening an office in the country in 2021, and brings its total exposure in the Netherlands to more than €124 mln.
It follows the announcement in April 2022 of a €25 mln acquisition loan for multi-let offices in The Hague by funds advised by Castleforge as well as the €34 mln refinancing in June 2022 of five assisted living properties on behalf of the Lenferink Group.
The assets in this latest deal, located in Kapelle and Geldermalsen, are owned by Coroos, a European processor and supplier of vegetables and fruit to major European supermarkets. As part of the transaction, the properties have been transferred to a new SPV within the group which has entered into long-term internal leases.
QSix REF said solid fundamentals in the Dutch industrial market provided a strong investment thesis for the portfolio. Property yields for Dutch industrial assets are high compared to neighbouring countries whilst vacancy rates of bulk storage assets are low, it noted. Additionally, many manufacturers are looking for production facilities closer to home and added storage capacity, in light of the coronavirus pandemic and the war in Ukraine.
Eduard Mantz, head of European transactions at QSix, commented: ‘The loan benefits from defensive debt metrics and the leases provide for stable income. We believe Coroos is well-positioned for growth even under adverse economic scenarios and look forward to a productive relationship.’
