Download Refinancing of 700 million euros for ARC Fund

Press Release
Amsterdam, 6 October 2016
REFINANCING OF 700 MILLION EUROS FOR AMVEST RESIDENTIAL CORE FUND
The refinancing of the Amvest Residential Core Fund was completed on 30 September by means of
a new 700 million euros loan. The new facility replaces the 6-year financing arrangement for 320
million euros. The financing coincides with the extension of the Fund term and is necessary
because of the spectacular growth accomplished by the Fund. It underlines yet again the everincreasing demand for medium-priced residential rental properties and the role played by
institutional investors in creating supply. Over the next few years, the substantial pipeline of new
houses created by Amvest will be added to the Fund.
The new facility consists of a ‘bullet loan’ of 350 million euros at a fixed rate of interest and a
‘revolving credit facility’ of 350 million euros at variable interest rates. The term of the facility
extends to nearly 10 years and the loan has a flexible structure, with part of the portfolio being used
as security for the banks. This new facility allows Amvest, with its new investors, to safeguard the
financing requirements and growth of the Amvest Residential Core fund over the next few years.
The financing facility is being provided by ABN AMRO Bank, Deutsche Hypothekenbank and ING Bank
(Germany). ABN AMRO Bank was the Coordinator for the process and will continue to act as Facility
Agent. Deutsche Hypothekenbank is acting as Security and Valuation Agent.
Amvest was assisted in this transaction by Remit Consulting as financial adviser and Houthoff Buruma
as lawyers and civil law notaries. The banks were represented by the legal firm of Clifford Chance.
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About Amvest
Amvest is a leading fund manager and developer in the Dutch residential market. Creative and
innovative in the development of sustainable housing and lively residential neighbourhoods in the
economically strong regions in the Netherlands. Inventive when it comes to solving complex issues
for tenants and buyers, whose needs are of primary importance. Constant commitment coupled with
a long-term vision. All of Amvest's activities are geared towards creating, maintaining and preserving
long-term relationships. By both developing and managing, Amvest safeguards the high quality of
the real estate in its funds, offering the prospect of higher returns.
Note for editorial staff (not for publication)
For further information, feel free to contact:
Maarten van der Lienden, Director Finance and Risk Amvest,+31 (0)20 430 12 12, or email
[email protected]