Berlin Hyp has underwritten a senior loan of €54 million to finance the Airport Plaza building in Brussels, which was acquired by Canada’s Dream Global REIT for €95.9 million last May.
The Canadian investor is in negotiations to place the long-term mortgage financing for a term of up to seven years and an interest rate of approximately 1.8 percent based on current market rates. The loan reflects an LTV ratio of 56 percent.
The Airport Plaza building consists of five multi-storey office buildings with underground parking, totalling 35,000 square meters of gross leasable area.
The complex is situated next to the Brussels International Airport and is currently home to a tenant base which includes Samsung, Levi Strauss, Air Products, Estée Lauder, Sanofi, McDonald’s, Chevron and NN Belgium (the insurance arm of ING Group).
It was built in 2011 and is currently 97 percent occupied, with a weighted average lease term of 8.1 years.
“Prime assets in the office market in the Netherlands and Belgium are becoming more scarce so this was an excellent opportunity for many lenders to invest in a larger project,” said a spokeswoman from CBRE.
CBRE Debt & Structured Finance arranged the financing on behalf of Dream Global.