The CBRE Dutch Retail Fund (DRET) has been completed a EUR550m refinancing programme aimed at achieving debt maturity diversification as well as expansion of the lender group.
Three separate senior secured facilities have been structured with three new lenders, Aareal, ABN AMRO and Deutsche Hypo, joining ING Bank.
Back in December 2012, ING Bank and ABN AMRO were jointly mandated on a EUR325m four-year RCF. At that time ING also financed a EUR225m bridge facility providing DRET with sufficient time and flexibility in order to achieve the best terms on the term loan facilities. The bridge was taken out in two steps: by a EUR150m, seven-year term loan financed by Aareal in March 2013, and a EUR75m five-year term loan facility closed with Deutsche Hypo in November 2013.
The CBRE Dutch Retail Fund is a non-listed real estate fund managed by CBRE Global Investors with a portfolio worth approximately EUR2.0bn spread across the Netherlands. The fund is among the top three retail funds in the Netherlands investing on behalf of institutional investors.