Starz Real Estate has provided a €68.5 mln senior facility to Union Street Investments, a long-term Dutch investment platform comprising eight office investments totalling 66,000 m2, located across key areas in the Netherlands.
Starz’ facility comprises a €58.3 mln term loan for refinancing and a €10.2 mln capex facility designed to fund further upgrade works at the properties.
Union Street is a mix of stabilised and value add assets and offers significant value creation through refurbishment and lease ups. The properties are predominantly located in the G5 cities of Amsterdam, The Hague, Rotterdam and Eindhoven. The eight assets are occupied by a diverse base of 64 tenants.
Since its inception in 2015, Union Street has been exclusively managed by Spring Real Estate, an Amsterdam based real estate advisory firm which was founded in 2011.
Sjors van Iersel, senior advisor at Spring Real Estate commented: ‘We are very satisfied with the tailored loan that enables us to launch the proposed capex projects throughout the portfolio. Starz has proven flexible and adjusted the facility to support the renovation program planned in some of the properties.’
Maarten de Jong, Partner - Debt & Structured Finance EMEA at Cushman and Wakefield commented: ‘The lending landscape for value-add office portfolios is very competitive and we noticed there was ample liquidity available in the market as lenders recognized the strength of Spring’s business plan. Following a very competitive process, Starz positioned themselves as the most competitive lender - all parties are pleased with the outcome and the loan marks the start of a solid relationship.’
Union Street Investments was commercially advised by Cushman & Wakefield and Spring Real Estate and legally represented by Loyens & Loeff. Starz was legally represented by Eversheds Sutherland.
