Investment Finance

Project Shan

€160 million senior loan in several tranches on a large multi-use portfolio throughout the Netherlands.

An Amsterdam based investment group, with assets spread throughout the Netherlands, was looking to consolidate and optimise the financing structure of their portfolio. They not only wanted to refinance the existing debt that was provided by a number of different lenders at the time, but also unlock surplus equity value in the portfolio to enable the acquisition of additional assets.

Shan 1

The portfolio included a large variety of asset types and sizes, mostly in Amsterdam but also in some more regional cities outside the Randstad. This meant that the number of international lenders able and willing to handle this loan size and complexity was limited. Detailed presentation of key assets and key micro markets was an essential tool in negotiations with potential lenders.

Tailor made financing in several tranches with a long-term partner

PolarReal successfully arranged this refinancing with a European Senior Debt Fund. Proceeds were used to refinance the existing debt and to fund new acquisitions in order to increase the portfolio’s asset base.

Given the long term and relationship driven lending strategy of the lender, they were happy to co-operate by increasing the loan several times over the years and to accommodate our client’s funding requirements for suitable later acquisitions.

PolarReal provides quarterly loan reporting to the lender on behalf of our client.

Placement value

€160 million

Asset type

Residential, Retail, Office and Hotel

Main challenges

Complex portfolio, Fiscal Unity, Private ownership


Large Dutch investment group

Financing Type

Investment loan


European Debt Fund

Delivery date

2017 – 2021


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