A consortium of German lenders HSH Nordbank and Nord LB and NIBC Bank of the Netherlands has agreed to underwrite a EUR 277mln facility for London-based Speymill Group. The credit line has been made available to Speymill to establish a property portfolio spread throughout Germany. The portfolio, consisting 90% of residential property, has a 10% vacancy rate and is 70% located in the former West German states.
A consortium of German lenders HSH Nordbank and Nord LB and NIBC Bank of the Netherlands has agreed to underwrite a EUR 277mln facility for London-based Speymill Group. The credit line has been made available to Speymill to establish a property portfolio spread throughout Germany. The portfolio, consisting 90% of residential property, has a 10% vacancy rate and is 70% located in the former West German states.
'Speymill Group already has a sizeable commitment on the German market, and pursues a strategy devised for long-term ownership. The portfolio is spread across a variety of locations, in order to achieve a wide diversification of the investment risks,' said HSH Nordbank global real estate head Peter Axmann.
'The club deal shows that large volume financing transactions can be completed even in times of difficult conditions on the financial markets,' added Sabine Barthauer, head of international real estate finance at Nord LB.
