Successful refinancing of one of Europe’s premier wholesale fashion and lifestyle destinations
- 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.
- Existing 100% performing credit facility of circa €85m to mature in April 2014.
- Stable and committed ownership consortium.
- The loan was maturing and needed to be refinanced but the lending market in the Netherlands hadn’t reopened for business.
- Solutus leveraged on its experience in the marketplace and successfully negotiated an extension of the facility for a further 18 months.
- 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.