Osborne Clarke in the Netherlands has advised Principal Real Estate Europe on the refinancing of the acquisition of mixed use properties in Aalsmeer and Utrecht.

In its debut acquisition and subsequent refinancing, Principal Real Estate Europe acquired funding from ING Bank. The properties are located in Aalsmeer, subject to a long-term, triple net lease agreement with the vendor, and Utrecht, which comprises a multi-tenant office building. The Helix property in Utrecht is recently developed and benefits from the highest sustainability criteria. As the properties are determined to be in compliance with the EU taxonomy the facilities are made available by ING as green loans.

The Osborne Clarke banking and finance team that advised Principal Real Estate Europe on its finance documentation was led by Axel van der Staak and further consisted of Marlinde Klein Ganseij. Dupont Partners provided Luxembourg law advise to Principal Real Estate Europe. ING has been advised by Nauta Dutilh.

Head of banking and finance Axel van der Staak commented: "We are very proud to have advised Principal Real Estate Europe on its debut financing in the Netherlands. It's good to see that ING Bank is on board, which in our view shows that Dutch lenders continue to have an appetite for financing commercial real estate that meets their investment and sustainability criteria."

About Principal Real Estate Europe

Principal Real Estate Europe is part of Principal Financial Group’s dedicated real estate business, Principal Real Estate Investors, which manages or sub-advises $96 billion in real estate assets globally (as of June 30, 2021). The group’s real estate capabilities cover all four quadrants encompassing public and private, equity and debt investment solutions. In Europe, Principal Real Estate Europe operates from offices in London, Frankfurt, Amsterdam, Paris, Lisbon, Luxembourg, Madrid and Milan, employing more than 100 staff who manage real estate across all asset classes in nine different countries.

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