CBRE Global Investors has amended and extended the financing of its 鈧�1.5 bn Dutch retail real estate fund after inking a deal with ING Bank and ABN Amro Bank.
The new arrangement sees its existing 鈧�325 mln revolving credit facility (RCF) for the non-listed fund restructured as a 鈧�200 mln RCF, until the end of 2021. ING acted as facility and security agent.
'Through this refinancing, we will be able to further strengthen our position as leading non-listed core retail fund in the Netherlands, and better serve those investors seeking exposure to retail via a high quality portfolio of dominant shopping centres, high street assets at prime locations and winning convenience clusters in the Netherlands,' commented Rik Eertink (pictured), fund manager, CBRE Dutch Retail Fund.
'The RCF will provide the flexible funding requirements of the fund, accommodating growth opportunities in line with the refocused portfolio strategy, and considering the attractive pricing able to substantially lower the fund鈥檚 cost of debt for the coming years,' added Eertink.
In March 2016, the CBRE Dutch Retail Fund was restructured, with changes to the debt, governance and legal structure and a modernisation of the investment strategy.
