08 August 2017
Reporter: Theo Andrew

Tunstall's Dutch debt fund makes first loan purchase

Tunstall Real Estate Asset Management has acquired a portfolio of five loans, on behalf of its newly launched Dutch-focused discount pay-off debt fund (DPO Fund 1), for €31.7 million.

The loans are secured across a portfolio of 20 assets in the northern regions of the Netherlands, comprising office, retail and warehouse properties.

The fund, which seeks to restructure non-performing loans, recently made its first close with initial commitments totalling €55 million.

According to Tunstall, DPO Fund 1 underlines its intention to develop a pan-European real estate platform, targeting the €11 billion non-performing loan market in the Netherlands.

The asset manager’s close relationship with M7 Real Estate means it can utilise its strong knowledge of the Dutch real estate market, enabling it to write loans of up to a 80 percent loan-to-value ratio.

In June, Tunstall acquired housing-led regeneration specialist Pinnacle in partnership with Starwood Capital.

Roger Clarke, CEO and Founder of Tunstall, said: “This exciting transaction marks the launch of our first fund and our first debt investment. The loans we have acquired are backed by a strong portfolio of properties owned by a well-respected and very capable sponsor who will now be free to undertake a number of value accretive asset management initiatives.”

“We believe that there is a significant demand from owners and borrowers of residual post financial crisis non-performing loans that are looking for an investor that is willing to provide a refinancing package that allows them to unlock the value of the underlying assets. Our current pipeline is testament to that.”

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