ING has financed the purchase of two Dutch offices for Merin, the Patron Capital and TPG-owned property firm formerly known as Uni-Invest. The Dutch bank provided a conservative, five-year loan at a sub-50% loan-to-value ratio for the purchase of the 16,296m² Röntgenlaan 75 in Zoetermeer and the 11,525m² 159 Flight Forum in Eindhoven, both let to telecoms company KPN. Merin is thought to have paid the liquidating Morgan Stanley P2 Value fund €46.4m for the assets, plus one other. WestImmo is the lender on the third asset, the 15,231m² Domus Medica, a healthcare industry meeting venue in Utrecht, at a higher LTV level.
Average loan pricing for Dutch offices ranges from 200 basis points for prime assets in Amsterdam’s South Axis; to around 300bps for leased offices in the four or five biggest cities; and 400bps and above for more risky, vacant offices. Merin recently formed an acquisition team to expand its real estate portfolio. The group was renamed after Patron’s and TPG’s 2012 takeover of distressed Uni-Invest, via the purchase of the €359m senior securitised loan, secured against the company’s shares.