Victory Group, the London-based European investment firm, has managed a €248.5 mln reorganisation of senior and mezzanine loans for its Manhattan scheme in Brussels, Belgium. JLL has advised.
As a reuslt of a new facility by ING Bank, it is said the mezzanine position of DRC Savills Investment Management has been reduced.
Erik Moresco, the former Blackstone Europe real estate professional who founded Victory in 2009, said: ‘'We are grateful to the team at JLL for their assistance and the great outcome achieved for all.’
‘The lower availability of finance across the market has been well-publicised, but the refinancing of Manhattan demonstrates that best-in-class assets like Manhattan buck this trend. Buildings like this that offer outstanding working environments with a world-class selection of amenities in the best locations are exactly the type of asset we want to own.’
Victory acquired the 1970s building in Avenue du Boulevard that had famously not seen any investment since its completion. Legal complexities also thwarted efforts by other investors to take it on. Once Victory bought it, the company embarked on a comprehensive redevelopment project.
The transformed building provides around 60,000 m2 across six basement levels, ground floor and 29 upper floors. It includes 47,000 m2 of offices, plus amenities spaces, a data centre, and 640 car parking spaces.
JLL said the asset had a weighted average unexpired lease term (WAULT) of around 11 years, with current leases signed with a diverse mix of high-profile tenants such as Ageas, Baker McKenzie, Citi and Yara Belgium, at the highest rents ever achieved in the submarket. Of this, more than 75% of the income comes from the office accommodation with no single tenant accounting for more than 17% of the total income.
Claudio Sgobba, senior director, debt and structured finance, EMEA, JLL, said: ‘We are pleased to have assisted the sponsorship in navigating a complex refinancing, ultimately reaching a very successful outcome for all parties involved.’
