A consensual restructuring of the 鈧�1 bn Vermeer portfolio involving senior lenders Fortress Credit Ventures and ING has now been concluded, refinancing the package's capital structure for the next five years.
A consensual restructuring of the 鈧�1 bn Vermeer portfolio involving senior lenders Fortress Credit Ventures and ING has now been concluded, refinancing the package's capital structure for the next five years.
Fortress Investment Group reportedly closed the purchase of the Vemeer package from Morgan Stanley over the summer. The package, with a vacancy rate of some 40%, was originally bought by Fordgate Group in May 2007, with the acquisition financed by Morgan Stanley.
As part of the restructuring, funds for capital expenditure and tenant improvements have also been made available. Mayfield Asset and Property Management has retained the mandate as asset and property manager of the portfolio.
'The solid new structure enables us to accelerate the implementation of the renewed portfolio strategy,' commented Marco Reijven, managing director Mayfield Asset and Property Management Netherlands. 'This is beneficial for our current tenants and it will offer increased opportunities to attract new tenants.'
The Vermeer portfolio comprises 36 office buildings in the Netherlands with a total area of 260,000 m2 and a further 27 assets in Belgium, Germany and Switzerland.
