CBRE refinances Dutch retail fund
CBRE Global Investors secured a €120m new term loan for the CBRE Dutch retail fund. The loan is financed by ING Bank and runs for a period of eight years, with attractive conditions.
This credit facility is a next step in the refinancing process of the funds’ debt facilities which results in a substantially lower cost of debt for the coming years. The process already started in 2016 when the fund team restructured the Fund and subsequently amended and extended its existing Revolving Credit Facility (“RCF”) into a €200m RCF with a term of 5 years.
The fund has recently secured additional commitments of EUR 140m from both new and existing investors in the Fund, following a refinement of its strategy.
Rik Eertink, fund manager CBRE Dutch Retail Fund commented: “The interest in the Dutch retail market and in particular the CBRE Dutch Retail Fund continues to grow with both national and international investors. We will continue to strengthen our position as leading core retail fund in the Netherlands, serving those investors who are seeking exposure to retail via a high quality portfolio of dominant shopping centres, high street assets at prime locations and winning convenience clusters in the Netherlands.”
The CBRE Dutch retail fund is a non-listed real estate fund managed by CBRE Global Investors with a portfolio value of approximately €1.5bn, with a focus on prime retail locations in the Netherlands.