ABN AMRO Web Site - February 7, 2007
The Structured Real Estate Capital team at ABN AMRO has successfully closed a EUR750.9 million secured real estate finance deal in Germany. The facility is provided by ABN AMRO to a joint venture Special Purpose Vehicle with equity participation from Moor Park Capital Partners and Praktiker. It will debt-finance the purchase of Max Bahr, the eighth biggest DIY house in Germany.
The transaction worked as an Opco/ Propco structure splitting the operational side of Max Bahr from its properties. Praktiker, the number two DIY business in Germany, purchased the operations side of the business. Moor Park, a real estate advisory team led by three ex-Nomura International directors, purchased the property through the ABN AMRO debt finance facility and will lease it back to Praktiker. The Propco consists of approximately 101 properties.
As part of this landmark deal, Praktiker structured 20 year triple net leases with the Propco on the majority of the Max Bahr real estate portfolio. The rent received will be used to service the ABN AMRO debt.
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