Edmond de Rothschild REIM re-finances part of the District West complex in Amsterdam
Edmond de Rothschild REIM, via its European Real Estate Debt Fund and a fund dedicated to a German insurance group, has provided whole loan financing to refinance and refurbish two office properties at the District West complex located in Amsterdam-Sloterdijk, owned by Angelo Gordon and APF International.
The joint venture between Angelo Gordon and APF International acquired the site in 2020 and the office properties, which are currently occupied on leases that are to expire in the near future, will be part of a comprehensive re-development scheme including 60,000 sqm of office and amenities space.
Angelo Gordon and APF’s ambitious plans for District West will see the creation of a new and attractive office location in the Sloterdijk area, just five minutes’ walk from Sloterdijk train station, which will establish high standards for sustainability and wellbeing, with the ambition to receive both BREEAM and WELL certification. The refurbishment of the existing properties is the start of a wider transformation of the former Telegraaf location into a new office location.
Edmond de Rothschild REIM raised more than EUR 270 million for its pan-European real estate debt strategy across its Real Estate Debt - European High Yield I Sub-Fund and a fund dedicated to a German insurance group, which are both co-investing in the Amsterdam transaction. The investment strategy is focused on providing whole loan and mezzanine financing, and in selected cases, preferred equity, for investors in the European markets.
Ralf Kind, Head of Real Estate Debt at Edmond de Rothschild REIM, said: “After our first mezzanine loan investment in the context of an acquisition of a light-industrial/logistic asset in Berlin recently, this transaction shows the team’s strength in providing a whole loan and capex financing for a value-add strategy in one of Amsterdam’s most thriving office markets”.
Edmond de Rothschild's Real Estate Debt team is part of Edmond de Rothschild's pan-European real estate investment management platform, which has over EUR 12 bn of assets under management and more than 120 staff in seven European countries.
Edmond de Rothschild REIM was advised by a team led by Diederik Vriesendorp and Michelle van Doren at NautaDutilh N.V.
The Edmond de Rothschild Real Estate Debt – European High Yield I Sub-Fund is a closed-ended fund domiciled in Luxembourg in the form of a SCA SICAV-RAIF. Alter Domus is the Alternative Investment Fund Manager.
The Edmond de Rothschild Real Estate Debt Fund is exclusively reserved for professional investors and may be subject to restrictions for certain persons and in certain countries. The Fund does not guarantee or protect the capital invested, so that investors may not get back the full amount of their capital, originally invested even if their units are held for the recommended investment period. Any investment in the Fund is associated with certain risks, not limited to liquidity risk, concentration risk (investments in real estate) and currency risk. Any investment in the Fund may only be made on the basis of documents and information that comply with the applicable regulations.