Real estate private equity firm HighBrook Investors has completed a long-term refinancing for its office portfolio 'The Collection' in Amsterdam. Berlin Hyp, a subsidiary of the LBBW Group, is providing a loan facility of EUR 154.5 million. The credit institution is acting as both arranger and sole lender under the agreement.
The new financing has a term of up to five years. It is primarily intended to redeem existing liabilities and enables HighBrook Investors to retain the assets in its portfolio and continue active asset management. HighBrook invests selectively in established growth markets across Europe and the United States.
Historic building stock in prime Amsterdam locations
The 'The Collection' portfolio was established in partnership between HighBrook Investors and REB Projects. It currently comprises ten prime historic office buildings in sought-after locations across the Dutch metropolis. The concept combines listed, characterful architecture with contemporary workspaces and shared service amenities.
Through an overarching membership model, tenants of the properties are granted flexible access to facilities throughout the entire portfolio. These include conference and meeting rooms, lounges, and in-house fitness areas.
Strategic sales and active value creation
Robert Giusti, Partner and Head of Europe at HighBrook Investors, stressed in this context that the transaction underscores the ongoing confidence of institutional lenders in high-quality office properties in prime locations. The firm's strategy is based on unlocking sustainable value through targeted repositioning and active management of historic assets in premium locations.
The successful refinancing was preceded by two off-market sales in the Amsterdam market, illustrating the investor's active portfolio approach:
- —Sale of the approximately 10,000-square-metre 'Pand Noord' office property in Amsterdam North to a Dutch investor in September, following successful repositioning.
- —Disposal of the 1,363-square-metre office building 'Hoogte Kadijk' in central Amsterdam to a private investor; the property had been part of the portfolio since December 2019.
- —Legal and transaction advice on both sales as well as the financing structure provided by law firm Loyens & Loeff.
With the newly arranged credit facility, HighBrook Investors stabilises its capital structure for its Amsterdam core portfolio while maintaining operational flexibility for the continued development of its holdings.
