Berlin Hyp provides €54 mln senior loan for financing Airport Plaza
Dream Global REIT acquired all the shares of a Belgian property company holding a multi-tenant office building Airport Plaza in Brussels in May this year. After the acquisition Dream Global teamed up with Berlin Hyp to refinance the Belgian property company.
Airport Plaza was built in 2011 and is currently 97% occupied, with a weighted average lease term of 8.1 years. The state of the art complex consists of five multi-story office buildings with underground parking, totaling 35,000 square meter of gross leasable area. The buildings are linked by a shared lobby, providing internal access to restaurants and amenities. In addition, the complex features significant outdoor amenities including terraces and patios located at grade level as well as on several rooftops. Airport Plaza has obtained BREEAM good certification in recognition of the sustainability of the complex.
Airport Plaza is situated next to the Brussels International Airport with excellent access to major motorways and public transportation. It is home to a high-profile tenant base that includes Samsung, Levi Strauss, Air Products, Estée Lauder, Sanofi, McDonalds, Chevron and NN Belgium (the insurance arm of ING).
The Belgian high street banks as well as international lenders showed far going interest in financing Airport Plaza. It proved an example of the strong competition amongst different types of lenders for prime office assets like this. Berlin Hyp ended out in front with a financing that was optimally balanced between having attractive terms, being backed by an ability and motivation to work with a sound and experienced sponsor like Dream Global.
Allen & Overy acted as legal advisor to Berlin Hyp. CBRE Debt & Structured Finance has arranged the financing on behalf of Dream Global and guided them during the financing process. Dream Global was legally advised by Loyens & Loeff.
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