5 Feb 2016
MBay Light Industrial secures refinancing on its €115m portfolio in The Netherlands
London, 5 February, 2016 – MBay Light Industrial (“MBay”), a JV between Bayside Capital and M7 Real Estate Ltd, has completed the refinancing of its Dutch portfolio, increasing the existing facility from €71.40 million to €84.25 million during December 2015.
The refinancing was completed with the existing lender Starwood European Real Estate Finance Ltd (“Starwood”). The increase in the facility reflects the positive asset management being achieved in an improving occupational and investment market in The Netherlands. The revised facility has a remaining term of approximately 3 years and the interest rate is floating over 3 month EURIBOR.
Hugh Fraser, M7 Real Estate’s Head of Debt, said: “The refinancing is very accretive to the performance of our investment and it was great to get the refinancing closed in a timely and cost effective manner. Although improving, The Netherlands remains a relatively illiquid debt market so it is critical to work with Lenders who properly understand the local market conditions. This is the third facility that M7 closed with Starwood in 2015, following two successful financings provided to an M7 JV in Denmark earlier in 2015.”