JLL provides acquisition financing to Neo Capital on acquisition of Share Building
Firm notes the acquisition underlines lender appetite for eco-friendly Grade A offices
JLL has announced that it advised Dubai-based investment management firm Neo Capital on $31m financing for the Share Building. The building was acquired for $51m. JLL said the acquisition was financed by a German lender who provided a senior loan of $26m, representing approximately 60% LTV, which has been provided for a five-year term.
According to a statement, the building is a brand-new Grade-A office development at Park 20|20 in Hoofddorp, near Schiphol Airport. At present the building is 76% pre-let to L’Oreal, while the remaining space in the building is expected to be pre-let in the coming months. The asset currently has a WAULTB and WAULTE of 10 years, JLL noted.
JLL stated that the asset comprises 8,121sqm net internal area, which is spread across four levels. The property also has a spacious atrium offering natural light and has been extensively designed with the wellbeing of its occupiers as the key priority. Additionally, the asset boasts a sustainable design and impressive environmental credentials including BREEAM Excellent as well as a WELL Silver certification, the statement explained.
“Neo Capital is very pleased with this acquisition in Hoofddorp that fits well within Neo’s wider portfolio. The asset is well positioned within a rapidly expanding community to benefit from growth synergies in the market, which will produce a stable income stream with good upside potential for our investors,” said Hani Obaid, partner at Neo Capital.
The asset’s DNA is defined by sustainability, JLL explained. The design encompasses a combination of high-tech and sustainable materials. The building uses sustainable energy sources, including solar panels integrated in the atrium windows. Moreover, the Share Building features 100sqm of green wall that purify the air and improve acoustics. The result is a modern, warm and inviting building, the statement noted.
The JLL debt placement team representing the borrower was led by senior director Claudio Sgobba, director Karan Mahajan and senior analyst Hamish Gordon.
Claudio Sgobba, senior director, Debt and Structured Finance, EMEA, JLL concluded, “It was a pleasure working alongside Hani Obaid and Faisal Al Omran, founding partners of Neo, to close an attractively priced facility that is suited for their business plan. It was a competitive lender selection process with leverage, pricing, and surety of execution, all playing a role in the ultimate decision.”
