Dutch lender ING Bank has written a €120 million term loan that will be used to continue the refinancing process of the CBRE Global Investors Dutch Retail Fund’s debt facilities.
The eight-year loan, providing “attractive” conditions, will “substantially lower” the fund’s debt costs, CBRE Global Investors said.
In 2016, CBRE Global Investors’ Dutch retail fund initiated the process to restructure its debt costs through the amendment and extension of its revolving credit facility into a €200 million facility with a term of five years.
The fund has recently secured additional commitments of €140 million from new and existing investors in the fund, following a refinement of its strategy.
“The interest in the Dutch retail market and in particular the CBRE Dutch Retail Fund continues to grow with both national and international investors,” fund manager Rik Eertink said.
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, focusing on prime retail locations in the Netherlands.