Successful refinancing of one of Europe’s premier wholesale fashion and lifestyle destinations

World-Fashion-Centre

The property

  • 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.
    • The loan successfully refinanced in October 2015.