Tristan Capital Partners, the London-based pan European firm, has extended a €45 mln loan to housing company Elfi for an office-to-residential conversion.
The investor's TIPS One Debt Fund has agreed to provide the facility for Elfi to create 244 residential apartments out of three office buildings in Rijswijk close to the Hague.
Dan Pottorff, head of debt investment, said residential property was an asset class TIPS One has been adding exposure to with more than €700 mln deployed to date via whole loans in Europe and the UK.
Just Pereboom, CFO at Elfi, said: ‘This funding allows us to accelerate our growth in transforming office buildings into residential apartments and continue to deliver sustainable, high-quality housing to our customers.’
Pottorff further explained the current dynamics of the Dutch market made the scheme an 'ideal asset' for TIPS One as the supply constraints on the delivery of new homes in the Netherlands was creating favourable demand dynamics for high quality, well-located and sustainable residential. This is coupled with the Hague’s robust demographic fundamentals of low unemployment, working age population growth and strong transport links.
'Elfi’s solid track-record in sustainability was a key factor driving our support in financing this project, together with the exceptional quality of the homes it delivers.'
