Amvest refinances Dutch resi portfolio with €700m loan

Amsterdam-based fund manager Amvest has refinanced its Dutch residential property fund with a €700 million facility provided by three banks.

ABN Amro co-ordinated the deal and is acting as facility agent. It was joined by the German arm of ING Bank as well as German bank Deutsche Hypo. Deutsche Hypo is security and valuation agent.

The three banks have provided the financing to the Amvest Residential Core Fund, which at the end of Q2 2016 comprised 6,200 residential properties with a total value of €1.5 billion.

The facility, which closed on 30 September, consists of a €350 million fixed-rate bullet loan and a €350 million revolving credit facility at variable interest rates. The loans have a ten-year term.

The deal coincides with the extension of the fund’s term and replaces a six-year €320 million loan.

“This new facility allows Amvest, with its new investors, to safeguard the financing requirements and growth of the Amvest Residential Core fund over the next few years,” the firm said.

Aegon and Dutch pension fund manager PGGM were the original investors in the fund. The portfolio includes single family houses and apartments, focussed on the mid-priced rental sector in “economically strong” areas of the Netherlands.