BAML in €470m refinance of IVG’s Squaire as sale collapses

IVG has opted for a refinancing of its The Squaire project in Frankfurt following an unsuccessful sales process that saw bidders fail to hit the company’s €700m reserve price. Bank of America Merrill Lynch has provided a €470m, five-year loan, which at IVG’s valuation would be a 67% loan-to-value.