24/06/2010 - WestImmo has arranged and underwritten two mortgage loans for the ING Real Estate European Industrial Fund (“ING REEIF”), managed by ING Real Estate Investment Management, for a total of Euro 22 million.

The net proceeds will be used by ING REEIF to refinance the December 2009 acquisition of two ‘Grade A’ logistics platforms in Tilburg and Roosendaal, The Netherlands. The loans granted have a maturity of 5 years with a possible extension, reflecting the prime location of the assets, the excellent tenant covenants and the long leases in place. Jérôme Lacombe, CFO of ING REEIF, said: “This transaction improves the maturity profile of our debt portfolio and will have an accretive impact on the returns of the Fund. We are pleased to add WestImmo to our pool of lenders, as they are particularly active in our target markets in Europe”.

Heribert Eisenburger, Managing Director at WestImmo, added: “The excellent quality and locations of the properties are an attractive financing opportunity for us. We look forward to a continued relationship to ING REEIF as financing partner.”

Nauta Dutilh advised ING REIM and Clifford Chance advised WestImmo in this transaction.