ING finances IC Netherlands to fund the construction of 5 young professional residential complexes
ING has granted a loan to Dutch Urban Living Venture, a fund managed by IC Netherlands, the leading developer, investor and operator in student and young professional housing in the Netherlands. The loan funds the forward purchase and construction of 5 young professional apartment complexes in Amsterdam (2), Rotterdam (2) and Eindhoven (1).
Combined, the properties offer 1,325 apartments and 1,558 sq m of commercial / retail space. With a waiting list for these single-room apartments and studios the properties are expected to be fully let once delivered, thus securing future rental income and a good investment return.
Klaas-Hendrik Meijer, CFRO of IC Netherlands: “Together these 5 developments form the second leg of our important and growing Dutch residential investment platform. The partnership with ING allows us to complete and deliver a high-quality investment product to our institutional investors. Together we have been able to realize an efficient and long-term financing structure that accommodates the complexities of our fund structure.”
Arie Hubers, Head of Corporate Clients Netherlands at ING: "We are very pleased to finance this venture. The IC Netherlands platform is in the forefront of delivering much needed urban accommodating for young professionals. The completed assets will be proof of ING’s longstanding commitment to finance investments in the Dutch residential sector."
Robert-Jan Peters, Executive Director CBRE Debt & Structured Finance: “Together with their legal counsel we supported the IC Netherlands team in a thorough preparation of the structure and economics of the transaction. Only then did we reach out to a very targeted group of national and international lenders. ING’s pragmatic team stood out by focussing on delivering a financing that delivered a tailored and economically, practically and legally efficient solution for both the remaining construction period and the ensuing investment phase.”
IC Netherlands was supported by CBRE in arranging the financing. Loan councel for IC Netherlands was Allen & Overy while ING was supported by Houthoff Buruma.
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.