MAASTRICHT, The Netherlands, October 17, 2013 /PRNewswire/ --
Q-Park refinanced a EUR 300 million commercial mortgage-backed security (CMBS)
Q-Park, a private operator of parking facilities in Europe, refinanced a EUR 300 million commercial mortgage-backed security (CMBS) transaction which was placed in the capital markets in 2007. Funding for the refinancing was provided by Pricoa Mortgage Capital Company and various funds managed by Insight Investment Management. Rabobank acted as sole bookrunner and mandated lead arranger.
Pricoa Mortgage Capital Company provided EUR 240 million which was secured by more than a dozen parking facilities located in the Netherlands. Various funds managed by Insight Investment have provided GBP 35 million, secured by multiple parking facilities located in Great Britain. Furthermore Q-Park redeemed EUR 20 million. This redemption together with the diversified funding sources underscores Q-Park's ability to tap into debt capital markets and secure funds beyond its group of relationship banks.
Ward Vleugels, Chairman of the board at Q-Park NV, comments: "We are very proud to have refinanced the EUR 300 million CMBS, build up a relationship with Pricoa Mortgage Capital Company and continuing our relationship with Insight Investment Management, who was already a subscriber under the CMBS placed in 2007. This transaction implicitly confirms our leadership on quality in parking."
Q-Park is one of the leading providers of parking facilities in Europe, whether wholly-owned, leased, managed or in a hybrid business model. Q-Park is notable for its quality approach and has a portfolio comprising over 5.800 parking facilities and 800.000 parking spaces and has strong market positions in 10 North-West European countries; the Netherlands, Germany, Belgium, Great Britain, France, Ireland, Denmark, Sweden, Norway and Finland.
Pricoa Mortgage Capital Company is a full-service, commercial and multifamily mortgage finance business with more than $74 billion in assets under management and administration as of June 30, 2013. Leveraging a 130-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Freddie Mac Targeted Affordable Housing programs, Fannie Mae DUS™, FHA, the insurance company's general account; and other institutional investors. The company maintains a loan servicing portfolio of approximately $71.9 billion, as of June 30, 2013. For more information, please visit http://www.prumortgagecapital.com.
Insight Investment is one of the UK's largest investment management companies, specializing in liability-driven investment, fixed income, absolute return and specialist investment strategies.
Launched in 2002, Insight is headquartered in London. It was responsible for assets under management of £256.1 billion, as at 30 June 2013 represented by the value of cash securities and other economic exposure managed for clients. It is a subsidiary of The Bank of New York Mellon, a multinational financial services corporation.
Rabobank Group is a Netherlands based, international financial services provider operating on the basis of cooperative principles with a predominant focus on providing all finance services in the domestic market. Internationally the Group's focus is on food and agriculture. In line with its cooperative roots, Rabobank Group is a cooperative bank, comprised of independent local Rabobanks, plus their central organisation Rabobank Nederland and its (international) subsidiaries. The organisation has approximately 59,500 employees (fte) worldwide and operates in 42 countries.
SOURCE Q-Park NV