PGIM and Rothesay Life provide CBRE Dutch fund with €350m

CBRE Global Investors has secured a long-term refinancing deal for the CBRE Dutch Office Fund, after obtaining a €350 mln loan from PGIM Real Estate and Rothesay Life. 

Global investment manager PGIM Real Estate arranged the 8-year loan, which is secured by the World Trade Centre Amsterdam, one of the assets in the CBRE Dutch Office Fund.

'We are pleased that PGIM Real Estate and Rothesay Life have partnered up as long-term debt providers of the fund,' said Ronald Gordijn, the fund's chief financial officer. 'With this refinancing, the capital requirements of the fund for the medium term have been secured and we look forward to a successful completion of WTC Amsterdam Tower Ten in 2021, which will be another important highlight of the fund.'

According to CBRE Global Investors, the deal unlocks additional capital for the continued investment and growth of the asset, including the development of the WTC Amsterdam Tower Ten, a large-scale redevelopment of 17,000 m2 of existing space and 32,000 m2 of newly built modern office space.

On completion, WTC Amsterdam will consist of more than 160,000 m2, facilitating more than 300 different companies.

The deal represents the firist senior loan in the Netherlands for Rothesay Life, a pensions de-risking insurer established in 2007 by Goldman Sachs. The business currently has three institutional shareholders - Blackstone, GIC and Mass Mutual.

Since first establishing a European real estate lending platform in 2009, PGIM Real Estate has raised and invested over $9 bn (€8 bn) across Europe on behalf of institutional investors.

The non-listed CBRE Dutch Office Fund has around €1.9 bn of assets under management and focuses on prime locations in the four largest Dutch cities.


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