FINANCE: Pramerica Real Estate Investors and APG have launched a €265m (£220m) vehicle to invest in the Netherlands.
The pair have launched Pramerica Real Estate Capital V (Netherlands). The majority of capital has been provided by pension fund manager APG.
The strategy for PRECap V is to build up a diverse junior debt and preferred capital portfolio, secured against commercial property assets in the Netherlands, with a partial allocation to Belgium.
Andrew Radkiewicz, managing director and co-head of Europe at Pramerica, said: “The Netherlands is at an attractive point in the cycle, earlier in the recovery phase than the UK, and there is less competition in the lending market compared to other countries, where increasing numbers of lenders are active.”
Robert-Jan Foortse, head of european property investments at APG Asset Management, added: “The Dutch real estate market suffers from a funding gap, where the finance market remains tight and dislocated. At this moment, there is the opportunity in the Netherlands to provide junior debt and to capitalize on both acquisition as well as refinancing opportunities.”
joanna.bourke@estatesgazette.com
