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News from Members Adval Asset Management has attracted € 6 million for refinancing of Cascade Offices

Adval Asset Management has attracted € 6 million for refinancing of Cascade Offices

by JLL August 22, 2016

Website www.jll.ro

JLL acted on behalf of asset manager – Adval Asset Management

Adval Asset Management supported by JLL’s Capital Markets team has successfully secured the refinancing of €6 million of Cascade Offices. Cascade Offices is a 4.200 m² office building delivered in 2005 and located on Buzesti Street, in the heart of the Central Business District (“CBD”). Among the main tenants, the project counts Procredit Bank, Enel and Taiwan TC.

David Hayward, CEO of Adval, had this to say about the transaction: ”In 2014 Adval performed a management buyout of a portfolio of assets that the team had managed for the previous six years. Over the last two years we have brought equity and actively managed the portfolio in parallel to disposing of assets and restructuring or refinancing the loans. Cascade Offices one of the buildings within this portfolio is a fully let, well located and well managed building with a proven track record of tenant retention and good performance. With this refinancing we have now stabilised what remains of that portfolio under our ownership with which we plan to seed a real estate property fund for new investors to co-invest with us in building a significant portfolio of commercial real estate assets in the region”.

Silviana Badea, Head of Capital Markets in JLL in Romania declares: “JLL has advised Adval Asset Management on refinancing of the current loan taking advantage of the financing market sentiment and lending appetite. The terms and pricing provided by the lender are extremely competitive, which demonstrates the Bank’s confidence in the office sector provided the sponsor has good standing. In this process, the banking expertise of our colleague’s, Maxime OTTO, was instrumental in supporting our client in identifying the right partner all the way through the structuring of the loan until the drawdown.

Note to editors:

About Adval Asset Management

Adval Asset Management is an independent Romanian real estate management company set up and owned by a team of professionals with strong expertise in real estate management, business management, commercial and investment banking, real estate development, financing, tax, legal and marketing. With over €100 mn (98,000 sqm) of assets under management, Adval has become a market leader in the real estate management of office, industrial, retail and residential properties across Romania.
For further information, visit www.advalmanagement.com

About JLL

JLL is a financial and professional services firm specializing in real estate services and investment management. Our more than 58,000 people in 1,000 locations in 80 countries serve the local, regional and global real estate needs of those clients, growing our company in the process. In response to changing client expectations and market conditions, we assemble teams of experts who deliver integrated services built on market insight and foresight, sound research and relevant market knowledge. We attract, develop and reward the best, and most diverse, people in our industry, challenging them to develop enduring client relationships built on quality service, collaboration and trust.
For further information, visit www.jll.com.

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