CBRE Global Investors has successfully secured a EUR 120m new term loan for the CBRE Dutch Retail Fund (the ‘Fund’). The loan is financed by ING Bank and runs for a period of eight years, with attractive conditions. This credit facility is a next step in the refinancing process of the Funds’ debt facilities which results in a substantially lower cost of debt for the coming years. The process already started in 2016 when the fund team restructured the Fund and subsequently amended and extended its existing Revolving Credit Facility (“RCF”) into a EUR 200m RCF with a term of 5 years.
The Fund has recently secured additional commitments of EUR 140m from both new and existing investors in the Fund, following a refinement of its strategy.
Rik Eertink, Fund Manager CBRE Dutch Retail Fund commented: “The interest in the Dutch retail market and in particular the CBRE Dutch Retail Fund continues to grow with both national and international investors. We will continue to strengthen our position as leading core retail fund in the Netherlands, serving those investors who are 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.”
The CBRE Dutch Retail Fund is a non-listed real estate fund managed by CBRE Global Investors with a portfolio value of approximately EUR 1.5 billion, with a focus on prime retail locations in the Netherlands.
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.5 billion in assets under management* as of March 31, 2017. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
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