Canada Life Investments is delighted to announce its first transaction in the Netherlands – a €40 million refinancing secured against a portfolio of retail and residential assets situated in nine cities in the Netherlands. This includes Africa House, a landmark building in the popular Kalverstraat in Amsterdam, which is being fully refurbished and re-opened in 2020 as the flagship store for Dutch cosmetic brand Rituals. The portfolio also benefits from a strong tenancy base including Sunglass Hut, Scotch & Soda, Douglas, and Etos, the largest drugstore chain in the Netherlands.
The private investor’s Managing Director commented: “This refinancing has been very important for our business and we are very pleased with the outcome. Positive market sentiment has enabled us to secure a long-term financing with favourable terms. Together with our advisors, we have been able to run a smooth financing process and secure a long-term partnership with Canada Life Investments.”
Nicholas Bent, Head of Real Estate Finance at Canada Life Investments, responded that the Netherlands has been a key focus of his team’s effort in the Eurozone: "We are very pleased to have completed our first real estate financing transaction in the Netherlands, especially doing so with a reputable long-term investor that has built-up such a high quality portfolio of assets in prime locations. The collaborative approach of the client and its advisors was indeed central to the closing process. We are seeking to grow our Eurozone loan exposure with other high quality opportunities and the Netherlands is one of the markets we are focusing on.”
Philip Zwart, Senior Director Debt & Structured Finance at CBRE, the advisory firm, also commented: “The nature of properties in this portfolio along with the track record of the investor and a strong tenancy base made this a target investment for many lenders. Canada Life Investments’ favourable conditions and willingness to cooperate proved to be a key factor in getting this deal done. We are very happy to have assisted the client in the process and hope this is the beginning of a long-term collaboration between the parties.”