Boekel has advised Deutsche Pfandbriefbank AG on arranging a € 135 million refinancing for the Hanzevast Capital group, a major provider of non-listed real estate investment in the Netherlands. The refinancing, over a period of five years, will initially be in relation to nine property companies of the Hanzevast Capital group, with the subsequent merger of the nine property companies into one property fund envisaged. The property portfolio consists entirely of office buildings in the Netherlands. Cross-collateral, account and payment waterfall structures are used to enable a refinancing of all nine funds on terms that are acceptable to Deutsche Pfandbriefbank AG from a risk management perspective, whilst keeping the costs of finance for each of the funds involved within acceptable margins.
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