Clifford Chance has advised ING Real Estate Finance on the refinancing of a € 70.5 million loan to W.P. Carey, an American listed property fund.
The financing concerns a real estate portfolio of six distribution centers in The Netherlands that were leased in a sale and leaseback transaction in 2011 to Jumbo (at the time C1000). The refinancing includes a seven year extension of the term of the loan, the resignation of BAWAG as lender and the accession of Pricoa Mortgage Capital, part of the American US Prudential Financial, as new lender.
The refinancing is arranged by ING REF and Pricoa Mortgage Capital. ING REF is also the exclusive provider of an interest rate derivative. The Clifford Chance team, who advised ING REF on this transaction, consisted of Jan-Joost van Rijsbergen and Jan-Jaap Atema (Amsterdam), they were assisted by Jason Young, Daniel Winick and Adam Chertok (New York).
Source: Clifford Chance