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«A banking syndicate comprising HSH Nordbank, the Dutch NIBC Bank, and Nord LB have decided to underwrite the financing of a real estate portfolio of the London-based Speymill Group. The financing volume equals 377 million Euros. The credit line made available to Speymill Group serves the purpose of successively setting up a real estate portfolio that is spread throughout Germany. The portfolio, consisting to 90 % of residential property, shows a 10 % vacancy rate and is to 70 % located in the formerly West German states.
“Speymill Group already has a sizable commitment on the German market, and pursues a strategy devised for long-term ownership. The portfolio is spread across a variety of locations in order to achieve a
wide diversification of the investment risks,” says Peter Axmann, Global Head of Real Estate at HSH Nordbank AG. “The club deal shows that large volume financing transactions can be successfully
completed even in times of difficult conditions on the financial markets”, explains Sabine Barthauer, Head of International Real Estate Finance at NORD/LB. "We are very pleased that all three banks involved have adjusted to the sudden changes in market conditions so promptly and adequately in order to successfully close the transaction". Kai Overeem, Client Coverage Corporate Finance Real Estate NIBC Bank» (CS delle Banche)
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