Club deal with ABN AMRO Bank N.V. (“ABN AMRO”) with a total loan amount close to EUR 300 million / Successful major acquisition financing of prime office asset “The Atrium”, the largest single asset transaction in the Dutch market to date / Successful European diversification strategy of Allianz Real Estate considering risk-return aspects / A landmark transaction, which underlines ABN AMRO’s successful real estate capital markets partnership strategy
Several Allianz companies represented by Allianz Real Estate acted together in a jointly arranged club deal with ABN AMRO. The club deal provides a 7-year term fixed rate senior financing for the acquisition of the Dutch prime office asset “The Atrium” by a consortium composed of Amundi Real Estate – on behalf of its managed retail funds (“Amundi”) – and Korean investors. The total loan amount approaches EUR 300 million.
The transaction has been heralded as a landmark deal and is the largest single asset financing in the Dutch office market to date. Allianz took a majority participation in the facility, while ABN AMRO acted as sole placement and facility agent, and took a minority participation.
The Atrium, an office complex of around 60,000 sqm consists of a fully renovated building constructed in 1976 and two new towers, located in the Zuidas business district of Amsterdam. The South Tower was delivered in June 2017 while the North Tower was delivered at the end of October the same year.
Eastdil Secured has acted as advisor to the acquiring consortium and Greenberg Traurig advised the borrowers on the legal aspects. Simmons & Simmons provided legal advice to the lenders.
Commenting on the transaction, Roland Fuchs, Head of European Real Estate Finance of Allianz Real Estate, said:
“The financing of The Atrium – the most prominent single asset financing in the Dutch office market – is another example of how Allianz is able to take large ticket sizes, either alone or alongside well-known partners like ABN AMRO”. The Atrium is yet another interesting financing deal in what has been a very successful 2017 for Allianz Real Estate. Having recently concluded debt investments in the UK, Italy, France, Ireland, Spain and the Czech Republic, we are pleased to expand our footprint in the Netherlands, furthering our strategy to broadly diversify our loan book on a Pan European basis.”
Commenting on the transaction, Erik Steinmaier, Senior Director Real Estate of ABN AMRO, said:
“ABN AMRO is proud to arrange and participate in the most remarkable single asset financing of its kind in the Dutch market. This transaction underlines once more that we are able to successfully execute our strategy to provide our real estate clients with our balance sheet, but also to partner up with other institutional investors when this benefits our clients and results in a more optimal funding structure.”