PingProperties refinances the former Enka/AkzoNobel site in Arnhem with NIBC Bank
26-03-2019
PingProperties has refinanced the PingProperties Corporate Office Fund III with NIBC Bank, involving the former ENKA/AkzoNobel site at Velperweg in Arnhem. This involves an extension of the term as well as additional finance. Previously NIBC financed approx. 34,500 m2; now it is financing the entire complex (approx. 70,000 m2) and the forthcoming development and redevelopment.
In 2012 PingProperties purchased 7 hectares at this site, with 70,000 m² of office and laboratory buildings. Later PingProperties acquired further plots of land at the site of more than 7 hectares, 5 hectares of which it sold to the KlokGroup/BPD in 2017 for the development of a residential district with a high-quality living environment at this site. In December 2018 PingProperties completed negotiations with existing and new lessees. This also marked the start of a large-scale city-centre development. These long-term leases have been the preconditions for finalizing the refinancing arrangement.
Redevelopment as a multifunctional area
The long-term leases entered into with the existing lessee, Teijin Aramid, and newcomer RijnIJssel will ensure an element of continuity at the site. The arrival of RijnIJssel has also added the educational function to the existing working function. The former ENKA/AkzoNobel site will be transformed in the coming years into a multifunctional area combining work, homes and education.
This refinancing was brought about by PingProperties itself, advised by Loyens & Loeff. NIBC was assisted by NautaDutilh.
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