Editor’s pick
Moving out
Dutch bank lenders ING and Rabobank this week provided a €600 million backstop bridge facility to manager Vesteda, following €4.1 billion of redemption requests by investors in its Vesteda Residential Fund. The requests represent 52 percent of the vehicle’s equity.
Vesteda, which focuses on mid-market rental residential property in the Netherlands, will use the capital to safeguard liquidity ratios and meet rating agency requirements. On 5 March, S&P Global applied a two-notch downgrade to the fund as a result of the redemptions.
The requests were the result of a recent review that allowed investors the option to adjust fund positions. Read here for Vesteda’s explanation of why investors have opted to reduce exposure. The requests will be finalised by 20 April 2026.
To manage the impact of redemptions, Vesteda plans to use a revolving credit facility and bridge facilities, it said. It is also exploring opportunities for new institutional investors and executing a targeted sales programme focused on non-core assets.
More loan news
Wells Fargo issued a £100 million (€115 million) loan to Nuveen Real Estate to refinance 11 UK industrial outdoor storage assets.
Atelier, a specialist UK lender, provided independent property company MCR Property Group with a £32.7 million facility to support the development of a 600-bed purpose-built student accommodation scheme in Kent, UK.
Santander provided Crosstree Real Estate Partners with a £28.6 million refinancing facility, representing the first debt deal between the bank and the manager. The loan is secured by Muro, an office asset at London’s 2 India Street.
Deutsche Hypo – NORD/LB Real Estate Finance issued a facility to Hanover-based developer Bauwo Grundstücksgesellschaft to support the development of two logistics assets in Germany; one on the Dombühl-Süd industrial park and a speculative logistics project in Rheinau. The amount is undisclosed.
Lending database update
The above loans have been added to REC Europe’s lending database, which now contains details on 2,507 transactions across the UK and continental Europe. The database is a comprehensive record of the loans we see being issued in the European market and dates back to January 2016. Find out which lenders have been active in the last week by clicking here.
Today’s Loans in Focus newsletter was prepared by Lucy Scott.