CBRE Global Investors refinances Dutch Retail Fund – EuropaProperty

CBRE Global Investors has successfully amended and extended its existing EUR €325 million Revolving Credit Facility (“RCF”) into a €200 million RCF. (until the end of 2021). The credit facility is financed by a combination of ING Bank and ABN AMRO Bank. ING acts as facility and security agent.

In March 2016 the CBRE Dutch Retail Fund was restructured which resulted in the modernisation of the investment strategy, debt and legal structure, governance and the terms and conditions to meet the requirements of current investors.

Rik Eertink, Fund Manager, CBRE Dutch Retail Fund commented: “Through this refinancing, we will be able to further strengthen our position as leading non-listed core Retail Fund in the Netherlands, and better serve those investors 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 RCF will provide the flexible funding requirements of the Fund, accommodating growth opportunities in line with the refocused portfolio strategy, and considering the attractive pricing able to substantially lower the Fund’s cost of debt for the coming years.”

The CBRE Dutch Retail Fund is a non-listed real estate fund managed by CBRE Global Investors with a portfolio value of approximately €1.5 billion, with a focus on prime retail locations in the Netherlands.