Amvest

Sole Financial Adviser

Kempen & Co acted as Sole Financial Adviser to the Amvest Residential Core Fund (‘ARC Fund’) in securing a €450m sustainability linked revolving credit facility from a consortium of four banks, extending the banking group and diversifying the ARC Fund’s financing structure

Transaction highlights

This transaction marks the inaugural unsecured and sustainability-linked debt instrument for the ARC Fund, paving the way for further diversification of the financing structure while integrating the ARC Fund’s high sustainability standards into its financing strategy
In addition to its existing relationship banks ABN AMRO and ING Bank, the ARC Fund seized this opportunity to extend its banking consortium to BNP Paribas and SMBC
The interest margin is partly linked to the achievement of ESG objectives, which will further shape the roll-out of the ARC Fund’s Paris Proof Roadmap
Kempen & Co acted as sole financial adviser to the ARC Fund
Wim Wensing, Chief Investment Officer at Amvest: “This financing transaction strongly complements the ARC Fund’s recent transition from a limited-term to an evergreen fund, boosting our liquidity and funding diversification for the coming years.”
Niclas von der Thüsen, Director Finance and Risk at Amvest: “We are pleased to announce the successful completion of this transaction, where we have been able to attract unsecured, sustainability linked funding at attractive terms. With this new facility and additional banking relationships, the ARC Fund creates flexibility for further growth through future acquisitions.”
Guus de Haan, Executive Director Debt Advisory at Kempen & Co added: “The new unsecured, sustainability-linked RCF is a testament to the ARC Fund’s excellent operational and financial performance, top-tier sustainability scoring and conservative financing policy. Despite volatile lending markets, the ARC Fund has been able to attract unsecured financing at competitive terms from a consortium of banks who are highly supportive of the ARC Fund’s growth ambitions. We look forward to continue our longstanding relationship with Amvest and congratulate the team on this milestone transaction.”

About Amvest

The Amvest Residential Core Fund is the largest investment fund managed by Amvest. The ARC Fund was established in 2012 by Aegon and Pensioenfonds Zorg en Welzijn (PfZW)
Over the past 10 years, the ARC Fund has developed into an area investor with 22 investors, over 10,900 homes in its portfolio, a committed pipeline of around 2,500 homes and a value of €4.6 billion. The ARC Fund invests in private-sector rental homes in the middle segment in the Netherlands – homes for which there is a major need among Dutch households
The ARC Fund’s portfolio boasts excellent scoring across sustainability metrics and is well on track to meet the requirements of the Paris Proof Roadmap

Kempen & Co Real Estate credentials

Kempen & Co has advised on more than €125bn real estate transactions across 15 different countries in Europe. Since 2020 to date, Kempen & Co advised on 103 transactions across different countries, representing a total deal value of >€30bn in a challenging and unprecedented pandemic environment
This is another important transaction for Kempen & Co’s Debt Advisory franchise and we continue to support our clients active in the space