Hypo Real Estate Bank International has announced that it has exclusively underwritten a total of 513.5 million of acquisition and documentary facilities for MSRE to partially finance the acquisition of the commercial development business of AM NV. The transaction closed on January 25th 2006.
In partnership with MSRE, the company, now named Multi Development,
aims to evolve into a pan-European developer/owner of shopping centers. Multi Development's favourable growth prospects, the increasing scale of its projects and its desire to continue participating in the properties it develops are expected to lead to a significant increase in the company's financing requirements.
Commenting, Harin Thaker, CEO of Hypo Real Estate Bank Internationals European Business Platform, said: We are delighted to have been able to work in tandem with MSRE to provide a tailored finance solution that not only enabled them to execute the transaction successfully, but do so within an extremely tight time frame. I believe that this underwriting clearly demonstrates Hypo Real Estate Bank International's market leading ability to execute complex, property focused corporate deals.
Antoine Castro, a Vice President at MSRE commented: As with other recent transactions completed by MSRE, this is an investment in a high quality management team and its ability to develop, manage and add value to its property assets. Multi Development will continue to focus on developing projects in traditional markets as well as in new countries where significant growth is expected. Due to the creative and flexible structure provided by Hypo Real Estate Bank International, Multi Development will be able to pursue these goals.
Source: Hypo Real Estate