22 Dec 2016
M7 agrees 65% LTV senior debt facility with Bank of America Merrill Lynch
London, 22 December 2016 – M7 Real Estate, the pan European investor and asset manager, announces that it has agreed a €143.4 million senior debt facility with Bank of America Merrill Lynch (“BofAML”) secured on the portfolio of 53 assets acquired by M7 European Real Estate Investment Partners IV (“M7 EREIP IV”) in October 2016 across Finland, Germany and the Netherlands. The facility is structured with a 65% LTV and has an initial three year term.
BofAML first provided debt facilities to M7 in December 2014 and has now completed four separate financings totalling circa €425 million.
Hugh Fraser, Global Head of Capital Markets at M7 said, “It is great to close our fourth separate pan-European facility with BofAML. Our teams have developed a very close working relationship which enables us to efficiently close complex financings involving multiple assets across a number of jurisdictions.”
Richard Croft, M7’s Chief Executive said, “Having put our first tranche of investor capital to work in October, this agreement with BofAML allows us to continue to use EREIP IV’s capital to the full advantage of our investors. We will now look to deploy this capital into attractive investment opportunities via our pan-European platform.”
M7 was advised by Goodwin Law and BofAML was advised by Paul Hastings. The loan will be serviced by Situs.