Hamburg Commercial Bank provides acquisition financing for PingProperties
Hamburg Commercial Bank (HCOB) is providing EUR 43 million to PingProperties Daily Convenience Center IV C.C. – a subsidiary of the Dutch PingProperties Group – for the purchase and revitalization of a mixed-use property in the Dutch Zoetermeer. The term of the loan agreement is five years.
Peter Axmann, Head of Real Estate Clients at Hamburg Commercial Bank – Copyright: HCOB
The financed property Stadshart Oost Zoetermeer comprises around 22,500 square meters of retail space, predominantly supermarkets, 48 apartments with a total area of 3,300 square meters and 831 underground parking spaces, as well as almost 200 square meters of office space. The Stadshart Zoetermeer shopping and residential complex was built in the 1980s and is centrally located in the city center, with a catchment area from The Hague and Rotterdam, 15 and 21 kilometers away. Zoetermeer is the third largest city in the province of South Holland.
“PingProperties is a very experienced real estate investor. The multi-use concept at this property, with shopping for daily needs, local stores, restaurants plus residential space on the floors above, is attractive to clients and is already being very well received,” said Peter Axmann, Head of Real Estate Clients at Hamburg Commercial Bank.
Stadshart Zoetermeer ©PingProperties
“We are very delighted to have secured the facility for the acquisition of Stadshart Oost with our reliable financing partner Hamburg Commercial Bank. The financing enables us to execute our asset management initiatives to further drive occupancy and support income generation. We have a strong track record of successfully diversifying into new sectors, geographies and via different investment styles. This fourth transaction in daily convenience centers reflects our conviction of South Holland as a compelling investment destination,” said Roderick Verspagen, Investment Manager of PingProperties. “Hamburg Commercial Bank was able to facilitate us in this tailor-made financing structure, exactly according to our needs.”
The Loyens & Loeff team, led by Kim Koops, acted as legal advisor for PingProperties.
Hamburg Commercial Bank was assisted by Norton Rose Fulbright, led by Joris Ravelli.
About PingProperties
PingProperties is an investment manager that adds lasting value to existing commercial real estate and the spatial environment and by doing so, creates high-quality investments for the future.For nearly 20 years, the company has built up a strong track record, and extensive market knowledge. PingProperites works with a select number of strategic investment partners, including PingInvestors. PingProperties currently manages invested assets of around EUR 600 million and is based in Schiphol, Netherlands.
The information contained in this press release does not constitute an offer for the sale of any type of Hamburg Commercial Bank AG securities. Securities of Hamburg Commercial Bank AG may not be sold in the United States without registration pursuant to US securities legislation, unless such a sale takes place on the basis of relevant exceptional provisions.
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