Pricoa Mortgage Capital has provided €55.5m (£47m) of a total €70.5m (£60m) financing package in the Netherlands, its third commercial real estate loan since launching a European business in 2012 and its first in continental Europe.
The US commercial mortgage lender has arranged a loan secured by a portfolio of six logistics properties across the Netherlands owned by WP Carey, a US-based publicly traded REIT.
The assets are leased to C1000, a national supermarket chain recently acquired by Jumbo to form the second-largest grocer in the Netherlands. Pricoa is refinancing a majority of the existing senior loan, and the present lender, ING Real Estate Finance, will continue to provide €15m (£13m) in subordinate financing.
The seven-year financing helps move the company a step closer to its 2013 goal of providing €600m (£508m) of long-term, fixed-rate senior debt transactions in Europe, with the ability to do significantly more than this, said Pricoa.
The European programme offers similar loan structures to those it offers in the US, and Pricoa can fund individual transactions of significant size.
All European debt will be denominated in local currency and secured by income-producing real estate. Pricoa is primarily focused on office, logistics, multifamily, and retail properties in and around large population centres such as London, the major cities in Germany, Paris, and the Netherlands.
