Deutsche Bank refinances two logistic assets owned by Equity Estate
Asset manager Equity Estate has successfully secured refinancing for two logistic assets through a loan provided by Deutsche Bank.
It concerns two single tenant logistic properties located at Schiphol-Rijk and Amsterdam Westpoort (Koolhovenlaan 35-45 and Lipariweg 6). The two properties are held separately in 2 Dutch SPV’s; AB CPFM Real Estate I B.V. and AB CPFM Real Estate IX B.V., owned through a joined venture with Arab Bank.
Both objects are located on good logistic and industrial locations in the Randstad area and are purpose built. The property at Schiphol-Rijk is fully let to Ricoh and measures approximately 10,200 sq m of commercial space, 6,200 sq m of office space and offers 120 parking spaces. Stora Enso has signed a long-term lease for the property in Amsterdam-Westpoort which contains approximately 24,000 sq m of commercial space, 1,400 sq m of office space and has parking spaces on the adjacent site at the Lipariweg in Amsterdam.
We were positively surprised about the interest in the market for refinancing our assets. With Deutsche Bank we have a good financing partner for the long-term growth.
The process of getting this refinancing in place showcased that lenders have shown a great deal of interest in financing logistic real estate. Deutsche Bank ended up in front providing financing that was the optimal combination of attractive terms and closing ability.
Various lenders were prepared to provide financing for these logistic assets. CBRE concludes in recent research that this type of real estate is popular among investors and occupiers. Vacancy dropped below 5% for the first time on record, new development has picked up strongly and investment turnover remained stable on an annual basis, reflecting continued investor appetite. Multi-let light industrial assets and business complexes are especially sought after by investors with a strategic focus on urban economy.
CBRE, acting on behalf of Equity Estate, arranged the refinancing and oversaw the entire financing process. CBRE’s Property Management team is responsible for the management of the logistics assets and the real estate advisor performed the technical due diligence of both objects. Equity Estate was legally supported by Greenberg Traurig.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers from more than 450 offices (excluding affiliates) worldwide. CBRE offers strategic advice and guidance in property sales and leasing; corporate services; property, facilities and project management; appraisal and valuation; development services; investment management; and research and consulting. Please visit our websites at www.cbre.nl and www.cbre.com.