CBRE Global Investors has successfully completed a refinancing of the entire debt of the CBRE Dutch Office Fund (“DOF”). This consists of a 6-year €200 million Term Loan provided by Pricoa Mortgage Capital, secured by the World Trade Centre Amsterdam, and a 5-year €100 million Revolving Credit Facility financed by a combination of ING Real Estate Finance and ABN AMRO Bank. The latter facility is secured by a selected pool of prime assets within the fund.
The refinancing has achieved lender diversification as well as flexibility to finance growth opportunities.
In 2014, the CBRE Dutch Office Fund was restructured which resulted in the modernization of the investment strategy, debt and legal structure, governance and the terms and conditions to meet the requirements of current investors.
Richard van Altena, CFO DOF, CBRE Global Investors commented: “The refinancing is the culmination of the full restructuring of DOF. We have confirmed DOF as the ‘office fund of choice’, now also with a long term stable capital structure and diversified lender group.”
Anne de Jong, Portfolio Director, CBRE Global Investors said: “We will continue to optimize performance of the existing asset base and will aim at further diversification of the portfolio through focused acquisitions in the Dutch prime office market”
Source: CBRE Global Investors