One of Europe’s premier wholesale fashion and lifestyle destinations located in Amsterdam.
Comprising of 3 high-rise towers together with an Exhibition Hall. Having undergone a complete refurbishment in 2005 and significant capex investment over the last 5 years.
Circa 260 tenants spread over 75,000m² of lettable space comprising office and showroom uses plus the Exhibition Hall and over 1,000 car parking spaces.
The loan
Existing 100% performing credit facility of circa €85m to mature in April 2014.
Stable and committed ownership consortium.
The problem
The loan was maturing and needed to be refinanced but the lending market in the Netherlands hadn’t reopened for business.
The solution
Solutus leveraged on its experience in the marketplace and successfully negotiated an extension of the facility for a further 18 months.
The effect
The hedge fell away, leaving:
Surplus cash to lower the debt balance, making the refinancing proposition viable to a new lender.