Pricoa and Insight refinance Q-Park

Pricoa Mortgage Capital and Insight Investment have refinanced €280m of European car park operator Q-Park’s CMBS debt, backed by parking lots across the Netherlands and the UK.

Pricoa’s London real estate team issued a €240m, five-year senior loan at a majority fixed rate, secured on 13 Dutch assets. A portion of the loan is floating rate to allow new client Q-Park flexibility to manage the portfolio.

Separately, various Insight- managed funds provided more than €35m of senior debt, held against eight UK car parks. Utrecht-based Rabobank coordinated the financing on Q-Park’s behalf.

It repays a €300m facility, securitised in the Rabobank- issued Quality Parking 2007 CMBS, in which Insight was a noteholder. In addition, Q-Park has paid €20m to noteholders.

Another pan-European car park portfolio has been refinanced for €50m by Royal Bank of Scotland, La Française REM, Bayern LB and German savings bank Sparkasse Passau.

Bouwfonds Investment Management’s European Real Estate Parking Fund secured three mortgage lines defined by jurisdiction.