ING Real Estate Finance (REF) and ABN Amro have provided a €240m, five-year loan to Dutch real estate manager Merin to refinance its portfolio of office and industrial assets.
The two Dutch lenders are supplying €120m each to Merin, which has a portfolio of 175 properties located across the Netherlands.
“One of the pillars of our long-term strategy focuses on financing sustainable real estate assets,” said Robert van Deelen, head of relationship management at ABN AMRO’s real estate clients business. “This refinancing is a substantial driver in converting the portfolio into high-quality assets.”
“Merin has successfully combined foreign capital and a local management team with strong expertise and a track record in the Dutch office market,” said Arie Hubers, managing director of corporate clients at ING REF.
“Since acquiring the portfolio, the company has made good progress in upgrading the quality and sustainability of the portfolio and in improving tenant satisfaction.”
Merin, which was formerly known as Uni-Invest, was bought in a distressed sale by TPG Capital and Patron Capital three years ago.
Bas van Holten, chief executive of Merin, said: “The company has made substantial progress since the investment by TPG and Patron. We have welcomed many new tenants and have increased our renewal rate to the high 70s. Merin has also improved its occupancy rate, with the core portfolio now being around 80%.”
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