Pbb, Helaba provide €225m for Marathon’s Dutch portfolio refi

The long-term loan has been provided to MCAP Global Finance.

Pbb Deutsche Pfandbriefbank and Helaba have written a €225 million loan to refinance debt secured by a 13-strong mixed-use portfolio in the Netherlands.

The long-term loan has been provided to MCAP Global Finance, a UK subsidiary of US investment manager Marathon Asset Management.

The majority of the assets are located in the Randstad, an urban area within the Netherlands comprising Amsterdam, Utrecht, Rotterdam and The Hague. The remaining assets are in Arnhem and Eindhoven. The overall occupancy for the 13 assets is around 80 percent with the portfolio split between offices, retail assets, logistics properties and a hotel.

Marathon has been an active investor in the Dutch market in recent years. Last April, through MCAP, Marathon bought the 14-property ‘Maxima’ portfolio from Credit Suisse Real Estate, which was reported to have been valued at around €380 million. MCAP also bought a portfolio of 19 properties, known as the ‘Phoenix’ portfolio, from a Dutch fund managed by Bouwinvest Real Estate Investment Management.

“This transaction underpins our structuring competence in and our market knowledge of the Dutch real estate markets,” said Norbert Müller, head of real estate finance continental Europe west at pbb Deutsche Pfandbriefbank. “Our growing debt portfolio in the Netherlands demonstrates our appetite to continue to support both local and international real estate investors and asset managers.”

Michael Kröger, head of international real estate finance at Helaba, said the transaction was further evidence of the growing interest of institutional investors in the Dutch market. “Helaba has been active in the Benelux region for many years now and the market is one of our target markets in Continental Europe,” he added.

The refinancing deal was concluded before the end of 2016, according to a spokesman for pbb.