QSix Real Estate Finance (QSix) provided €25m loan to support the purchase of five multi-let office buildings located in The Hague by funds advised by Castleforge. This is the second loan closed by QSix in The Netherlands since the opening of its Dutch office in February 2021.
The terms of the loan include a 5-year committed capex tranche to support Castleforge’s stated strategy to undertake a rolling refurbishment of the office buildings. This refurbishment activity will include the introduction of Clockwise, Castleforge’s flexible workspace operator, in parts of the buildings.
Clockwise offers contemporary shared workspaces, private offices and meeting rooms in key business locations across the UK and Europe. Since launching in 2017, Clockwise has seen significant growth and returns for investors due to a relative undersupply of flexible serviced offices compared with growing demand across the continent.
Eduard Mantz, QSix Head of European Transactions, commented: “We are delighted to support Castleforge on their first acquisition in The Netherlands. They have built a strong reputation and track record in the UK since launching in 2010 and we are pleased to assist in their roll out of the Clockwise brand across Europe.”
Christian Walters, Vice President – European Acquisitions at Castleforge, added: “Following our all-equity purchase of these fantastic properties in the embassy district of The Hague, QSix has offered a well-structured debt solution around our business plan. They have delivered as promised. We intend to purchase further properties in the Dutch Randstad cities and to continue the expansion of our investments in European secondary city offices and of the Clockwise brand.”