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MaxCap secured $600m funding from Dutch pension fund APG

Finance Markets / Latest Activity

Australia

Jul 03 2019

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Dutch pension giant APG has provided $600m funding to lender MaxCap as its first entry into Australia's commercial real estate debt market. With 505 billion Euro ($819 billion) under management, the fund has an 11.6 billion Euro Asia Pacific portfolio which is administered and managed from Hong Kong. The deal with MaxCap shows the growing offshore interest in a commercial real estate debt market that is opening up as Australia's big four banks reduce their exposure to the sector, in part due to requirements to build up greater levels of capital over the next four years. There is a reported $50 billion funding gap in the non-bank sector by 2023

Its first deal is in Melbourne, with a gross end value estimated at $380 million. In its funding arrangement with MaxCap APG will put in the first tranche of $300 million, with an option for a further $300 million at a later date.

MaxCap, which has a lending pipeline of more than $2 billion worth of deals to fund over the next 12 months, says it lends no higher than 65 percent LVR (loan-to-value ratio) loans. 

 

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