Greystar secures financing for Campus Diemen Zuid
Greystar has secured financing for Campus Diemen Zuid through a loan provided by ABN AMRO. The US based residential investment manager and operator has acquired the Campus at the end of 2015.
Campus Diemen Zuid is located in Diemen, a short 15 minute train ride to Amsterdam Central Station. The Campus consists of 5 former office buildings that have been carefully re-developed to comprise 939 student apartments and 22 retail units. The Campus provides important amenities to both the resident community and nearby office population, including a grocery store, laundry, hairdresser, student employment agency and a general practitioner, as well as other retail, sports and catering facilities.
As a testament to the quality of the accommodation and convenience the Campus provides its student residents, there is currently a waiting list of approximately 200 persons. As a result of the (re-) development plans in the direct surroundings in Diemen, such as Holland Park and the expansion of the Campus itself, the attractiveness of the entire area for students, young professionals and others will improve even further.
Since the acquisition of Campus Diemen Zuid, Greystar has been pro-active in reviewing the ever changing needs of students. It is currently converting a portion of its units into furnished rental apartments, as the majority of the assets used to be unfurnished only. Greystar is also actively reviewing the retail mix on the Campus in order to facilitate the demand of the students and surrounding business locations.
Steven Zeeman, Managing Director Greystar: “We are very pleased with the acquisition and operation of Campus Diemen Zuid. It is a good start to the Dutch residential platform, and we are focused on growing further. The cooperation with the municipality and Van Wijnen for the potential expansion for students and young professionals is promising. ABN AMRO is a very good financing partner for the long-term growth of the Campus.”
Bas Rutten, Senior Director ABN AMRO: “We are happy and proud to facilitate Greystar with their entrance in the European market and to have established a long-term relationship. The student housing concept of Greystar is an innovative step in accommodating students and young professionals in a pleasant, fun, safe and high standards environment. This transformation from old offices to residential units and student housing is an excellent example of sustainability. “
The process of getting this financing in place showcased that competition amongst international and national lenders for attractive transactions is quite healthy. Lenders showed a great deal of interest in financing a high quality student housing complex for such a sound and experienced sponsor. ABN AMRO ended up in front providing financing that was optimally balanced between having attractive terms, being backed by an ability to deliver and motivated to work with Greystar on the future expansion of Campus Diemen Zuid.
CBRE has arranged the financing on behalf of Greystar and guided them during the financing process. Greystar was legally advised by Baker & McKenzie and ABN AMRO by Loyens & Loeff.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.