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Refinancing 18 retail properties – IEF Capital Berlage Fund

Two German banks, Berlin Hyp and Helaba, are making available a loan of € 197.8 million to IEF Capital Berlage Fund to finance a portfolio comprising 18 retail properties in the Netherlands. The loan commitment is made for a term of eight years and replaces part of the CMBS transaction used for the refinancing to date.

The retail portfolio comprises a mixture of properties leased on long-term leases to the leading Netherlands retailers Hema, V & D and De Bijenkorf. The portfolio is located throughout the Netherlands, with a clear focus on the economic core region Randstad, the area between Amsterdam, Rotterdam and Utrecht. The portfolio amongst other things includes one of the flagship stores of the department store chain De Bijenkorf in The Hague. In total, the portfolio comprises approximately 111,000 m² usable space.

The owner is a fund managed by IEF Capital. IEF Capital is a joint venture between Bouwfonds Investment Management and IEF and a leading fund provider in the Netherlands and specialises in retail properties.

In this transaction, Boekel De Nerée acted as legal counsel for the lenders. The borrower was advised by the firm Loyens & Loeff.

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