MetLife Investment Management re-finances recent acquisition of shopping centre Maxis Muiden
MetLife Investment Management has granted a loan to leading privately-held alternative investment firm Angelo Gordon and Dutch asset manager and investment firm Cairn Real Estate, to re-finance Maxis shopping centre in Muiden which Angelo Gordon and Cairn acquired in 4Q 2018.
Maxis Muiden comprises 22,675 sq. m. of lettable floor area, divided into 25 retail units and supported by 1,250 free parking spaces. The centre forms a unique out of town shopping provision with a mix of well-established names in the retail landscape including supermarkets Albert Heijn XL and Lidl, retailers BCC and Nike and fast food chain Burger King. Next to this, a gas station and car wash are located on site. Its good accessibility and proximity to Amsterdam underscore its strong long term appeal which will be further enhanced by the opening of a direct road to Amsterdam’s residential area IJburg in 2020.
“We are very pleased to be able to close this important transaction for our fund. This was made possible thanks to the partnership with MetLife Investment Management. We are happy to have found a funding partner that has a thorough understanding of the market and of this particular asset. Together we have been able to realize a structure that works well for both parties.”
“Angelo Gordon and Cairn’s reputation in combination with the unique asset characteristics attracted broad interest from national and international lenders. We are glad to have found a professional and pragmatic partner in MetLife Investment Management that showed flexibility and dedication to get this complex financing over the line.”
Angelo Gordon and Cairn Real Estate were supported by CBRE in arranging the financing. The borrower’s legal counsel was Osborne Clarke while MetLife Investment Management was advised by Taylor Wessing.
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.