QSix Real Estate Finance (QSix) has completed a €34m mortgage loan to support the refinancing of five assisted living properties in The Netherlands. The properties are located in Drachten, Zutphen, De Bilt, Heerlen and Wittem. They are owned by Lenferink Groep, a leading private real estate investor with a 30-year track record of value-add investment into the Dutch real estate market. Lenferink will hold these five properties long-term as part of their diversified real estate portfolio, currently worth circa €350m.
The loan includes a €9m capex facility to complete further internal refurbishments agreed under recently signed, long-term leases with a variety of care providers. This will follow the recently completed refurbishment of the first 23 apartments in Heerlen, incorporating ESG-related investments into triple-glazing windows, electricity-powered heating systems and the installation of 400 new solar panels. The second floor of the property will accommodate approximately 150 Ukrainian refugees as part of a leasing agreement with the municipality of Heerlen.
This is the third loan closed by QSix in The Netherlands since the opening of its Dutch office in 2021. It follows the recent announcement in April 2022 of a €25m acquisition loan for multi-let offices in The Hague by funds advised by Castleforge. Following the completion of this loan, the total capital deployed by QSix in The Netherlands since launch stands at over €84m (c.£71m).
Eduard Mantz, QSix Head of European Transactions, commented: “We are delighted to support Lenferink on this refinancing. They are experienced, high-quality sponsors and the loan will help preserve these buildings sustainably for future generations whilst creating quality, affordable housing for its residents. We have made enormous progress since opening our office in The Netherlands just over a year ago and we remain excited about the significant potential of the Dutch market. This loan exemplifies our ability to execute complex transactions within overlooked, niche sectors. We remain committed to deploying over €350m (£300m) of capital over the next 12 months and look forward to sharing further news in due course.”
Emiel Brink, CEO of Lenferink Group, added: “We are pleased to complete this deal and to have access to institutional funding that will allow us to deliver high-quality sustainable properties for the communities who need them. We have thoroughly enjoyed working with the team at QSix and valued their professionalism, expertise, and flexibility during the process. We look forward to putting these funds to use and to continue delivering value.”
