08/23/2019 | Press release | Distributed by Public on 08/23/2019 08:52
23 Aug 2019
International law firm Simmons & Simmons has advised ING on the financing of the acquisition by Heimstaden AB of a portfolio of residential properties in The Netherlands from PATRIZIA.
The portfolio consists of 18 assets, comprising of 772 residential units, six smaller commercial units and 25 parking units (53,900 sqm lettable area in total). The portfolio is known as the Coral portfolio and was purchased by PATRIZIA in 2014 from Vestia as part of the Vestia rescue plan.
The financing of the Coral portfolio was structured as a significant increase of the financing ING provided in 2018 for Heimstaden's first acquisition in The Netherlands of City Campus Max in Utrecht.
Commenting on the financing, real estate finance partner Jan-Joost van Rijsbergen says:'We are very excited to have been able to assist ING on this financing and to have been involved in yet another acquisition of properties by Heimstaden in The Netherlands. By structuring the Coral financing transaction as an add-on to the financing ING provided for acquiring City Campus Max, we managed to do a full property financing while keeping the paperwork involved to a minimum.'
Commenting on the transaction, Fokko Dekker, Vice President, ING Wholesale Banking, Real Estate Finance, says: 'We are proud to announce a new €65,000,000 financing for Heimstaden AB in The Netherlands, after successfully helping Heimstaden in their first Dutch transaction last year. Heimstaden AB is a well experienced and long-term residential investor, which perfectly fits ING's appetite for financing residential assets in the Netherlands. It was a pleasure to work with the teams from Heimstaden AB and Simmons & Simmons.'