ING Real Estate Finance has made its first loan in the Portuguese office market with a €40 million refinancing of three buildings in Lisbon.
The Dutch bank provided the term loan to three separate special purpose vehicles which each hold an asset and are each sponsored by Global Asset Capital, a private equity and venture capital firm which specialises in structured finance and real estate.
The offices are located at the Marques de Pombal roundabout, which is the main entrance into Lisbon’s downtown area. The 5,420 square metres Marques de Pombal 12 contains offices plus a 240 square metre shop, the 3,131 square metre Marques de Pombal 13 comprises offices and two retail units, and Camilo Castelo Branco 45 contains 5,921 square metres of offices.
“The Portuguese market is a very relevant market for ING REF Iberia. We benefit from a significant pipeline under execution of commercial real estate financings amounting to circa €300 million (retail and offices),” said Julian Bravo, responsible for ING Real Estate Finance Iberia.