CBRE Investment Management, on behalf of a fund sponsored by the firm, has entered into €1bn of new unsecured fund-level finance facilities as part of a revised debt strategy.
The fund is now supported by two sustainability-linked, flexible, unsecured fund level finance facilities, comprising a €250m revolving credit facility (RCF) to bridge equity and for general working capital purposes and a €300m term loan facility to bridge medium-term debt to fund new acquisitions and developments. A third €450m short-term bridge facility has also been put in place.
The three facilities have been provided by ABN AMRO, BNP Paribas, CA-CIB, HSBC and ING on an equal 20% stake.
Tom Berens, senior director, team lead treasury and debt financing at CBRE IM, said: “Having obtained these new scalable, flexible finance facilities and cementing strategic banking partnerships with five all-round banks, we can take the next step in the evolution of the fund, positioning it for growth while ensuring the financial structure is resilient and aligned with the fund’s long-term sustainability strategy.”
