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Investment bank JP Morgan arranged the finance for the EUR 425 mln deal involving the sale of electronic group Phlips' High Tech Campus in Eindhoven to a private investor consortium, PropertyEU has learned.

The transaction, announced on Thursday, involves the sale of the campus to a group of investors led by Dutch entrepreneur Marcel Boekhoorn in what is said to be the biggest single-asset property transaction ever to be closed in the Netherlands.

London-based JP Morgan raised the bulk of the financing - a few hundred milllion euros - from a number of foreign institutional investors. Two Dutch banks, NIBC and ABN Amro, provided smaller amounts. Philips said it expects to book a gain of EUR 65 mln from the sale.

The deal illustrates the increasing willingness among institutional players to invest in debt, provided the collateral is sound and the interest is index-linked. Between five and 10 institutional players are said to have signed up for the deal, which due to its size and complexity involved around 100 advisers. The closing document comprised 5,000 pages.

Philips was advised on the transaction by Jones Lang LaSalle.

The investor consortium which is buying the campus comprises members of the Boekhoorn family, the management of Boekhoorn’s company Boekhoorn M&A and investment firm Chalet Group, also owned by Boekhoorn.

The High Tech Campus was set up by Philips in 1998 and opened up to other businesses in 2003. The 103-hectare site provides around 45,000 m² of research space, including laboratories, 150,000 m² of development facilities and 185,000 m² of offices. The complex also offers more than 150,000 m² for potential development.

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