Advising ABN Amro and ING on the financing of the acquisition by Eurocommercial Properties of the Woluwe shopping center
27 Jun 2018
International law firm Simmons & Simmons has advised ABN Amro and ING, initially on the bridge financing, and recently on the mortgage loan, to Eurocommercial Properties for the acquisition of the Woluwe shopping center in Brussels, Belgium.
With financing amounts of around EUR 460m for the bridge financing and around EUR 230m for the mortgage loan, the transactions are significant single asset financing transactions in the Benelux.
The Simmons & Simmons team was led by real estate finance partner Jan-Joost van Rijsbergen, who recently celebrated his first anniversary in the expanding Amsterdam Financial Markets team.
Jan-Joost van Rijsbergen comments on the Woluwe acquisition and financing: “The acquisition of the Woluwe shopping center marks Eurocommercial Properties’ re-entry of the Belgian market. It is another step in Eurocommercial Properties’ rotation programme, consisting of strategic disposals and acquisitions. The financing of the acquisition of this high-quality shopping center also signifies the in-depth and long-standing relationship between Eurocommercial Properties, ABN Amro and ING.”
Jan-Joost continues on the financing: “The bridge financing, which was provided as an unsecured short-term loan, and its partial conversion to a ‘classic’ mortgage loan meant an ambitious financing structure. Assisting the banks in their support to this step in Eurocommercial Properties’ rotation plan was very exciting, not only because of the sheer size and conversion of the loans, but also because of its strategic importance and international dimension, a close cooperation between teams in Amsterdam and Brussels.”
Jan-Joost van Rijsbergen was assisted by Amsterdam based associates Niek Groenendijk and Vincent Engel, in close co-operation with the Brussels team, consisting of partner Carl Meyntjens, counsel Vincent Verkooijen and associate Martin Carlier.