This refinancing underlines lender appetite for Grade A office space
Dubai, UAE; 24 June 2024 – JLL advised Neo Capital, a Dubai-based investment management firm, on the refinancing of Weena 200, Rotterdam, Netherlands.
The Asset consists of a freehold, multi-let commercial space totalling 17,433 sq.m., with 16,909 sq.m. dedicated to office space and the remaining 1,364 sq.m. allocated for retail across the ground and mezzanine floors. Constructed in 1993 and comprehensively refurbished in 2015 and 2016, the Asset comprises three interconnected 13-storey towers and benefits from its prime, strategic location within the CBD of Rotterdam and across from Rotterdam Train Station.
Weena 200 has maintained over 90% occupancy since 2019, generating a passing rent of €3.3 million per annum with a WAULT-E of 4.8 years and no breaks.
The refinancing was extended by Helaba, who provided a senior loan of EUR 28.0 million for a four-year term.
The JLL debt placement team, representing the borrower, was led by Senior Director, Claudio Sgobba.
Babak Sultani, Chief Executive Officer, Neo Capital, said: “The Neo Capital team wants to extend its gratitude to Helaba and JLL for their invaluable support in the successful closure of the loan. Weena 200 continues to be a top-performing asset in the Rotterdam market. Its success can be attributed to its prime location, attractive floor plan for both existing and prospective tenants, scarcity of Grade A office buildings within the Rotterdam CBD market, and proactive asset management and leasing efforts. Owning three Dutch assets in three different locations showcases Neo Capital’s confidence in the long-term potential of the Dutch real estate market.”
Georg Blaschke, Head of Real Estate Finance CEE & Benelux, Helaba, said: “We are very pleased to support Neo Capital with their investment in Rotterdam. The Netherlands is an important market for Helaba and we look forward to continue our strong relationship with Neo Capital.”
Claudio Sgobba, Senior Director, Structured Finance, EMEA, JLL, said: “Helaba have been a pleasure to work with, particularly given the challenging lending market within the transitional office sector. This transaction is an excellent example of Helaba’s ability to provide senior loans secured by high quality office assets.”
