Project Werktheater

€5.25 million acquisition and redevelopment financing for Het Werktheater, a listed mixed-use asset in Amsterdam Oost, provided by ING Bank N.V.

We are pleased to announce the successful closing of the acquisition and redevelopment financing of Het Werktheater in Amsterdam. The listed mixed-use asset on Oostenburgergracht in Amsterdam Oost holds 1,550 m² of GLA and will house a high-end members’ gym with club facilities, a restaurant and offices to be sublet to third parties.

The asset has been acquired by a group of investors led by Double Shift. ING Bank N.V. provided a loan of €5,250,000 to partially fund the acquisition and the redevelopment costs, with the aim of further improving this monumental asset and upgrading its energy label. The property loan forms part of a wider corporate loan of €7,500,000 that also refinances existing corporate debt at the operational level of Double Shift. We provided the analysis and support for the property loan element. Buma | Algera Notariaat acted as notary for the parties.