{"id":1004087512,"date":"2013-11-26T07:47:37","date_gmt":"2013-11-26T15:47:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004087512"},"modified":"2022-12-04T01:35:18","modified_gmt":"2022-12-04T09:35:18","slug":"prudential-parks-324m-with-dutch-garage-operator","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prudential-parks-324m-with-dutch-garage-operator\/","title":{"rendered":"Prudential Parks $324M with Dutch Garage Operator"},"content":{"rendered":"<p><i>By Scott Baltic, Contributing Editor <\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/PRU-EXEC.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004087524\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/prudential-parks-324m-with-dutch-garage-operator\/pru-exec\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/PRU-EXEC.jpg\" data-orig-size=\"290,235\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"PRU EXEC\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/PRU-EXEC.jpg?w=290\" class=\"alignleft size-thumbnail wp-image-1004087524\" alt=\"PRU EXEC\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/PRU-EXEC.jpg\" width=\"150\" height=\"150\" \/><\/a>Prudential Mortgage Capital Co. has provided $324 million of financing to Q-Park, Europe\u2019s second-largest parking company, secured against a portfolio of 13 parking structures (totaling about 8,900 spaces) in the Netherlands, Prudential announced Monday.<\/p>\n<p>The loan has a five-year term and is predominantly fixed-rate, though it includes a small floating-rate component. Further terms of the loan, which closed in October, were not disclosed.<\/p>\n<p>Headquartered in Maastricht, the Netherlands, Q-Park is the largest parking company in the country.<\/p>\n<p>The Pru transaction, conducted through its European affiliate, Pricoa Mortgage Capital Co., was the primary component of a larger deal by Q-Park, in which the latter refinanced a EUR 300 million ($406 million) CMBS transaction that had been placed in 2007, according to a release by Q-Park.<\/p>\n<p>The Pricoa portion amounted to EUR 240 million; various funds managed by Insight Investment Management (an affiliate of BNY Mellon Asset Management) provided GBP 35 million, secured by multiple parking facilities in Great Britain; and Q-Park redeemed EUR 20 million. Rabobank, of Utrecht, the Netherlands, acted as sole bookrunner and mandated lead arranger.<\/p>\n<p>Though Prudential has experience investing in parking structures in the United States, the company wasn\u2019t specifically targeting this very non-core property type in Europe, Thor Orndahl, a managing director who oversees Prudential Mortgage Capital\u2019s non-U.S. mortgage platforms, told <i>Commercial Property Executive<\/i>.<\/p>\n<p>That said, he added, Prudential does like the fundamentals of this urban infill asset, including \u201cplenty of demand for parking,\u201d despite the recession, and \u201cheavy barriers to entry.\u201d<\/p>\n<p>\u201cOnce we saw\u201d the Q-Park opportunity, Orndahl said, \u201cwe were intrigued.\u201d One factor, he said, was good YOY revenue growth.<\/p>\n<p>In addition, Orndahl noted, European borrowers are increasingly recognizing the potential upsides of U.S. and Canadian life insurance companies\u2019 ability to offer fixed-rate, long-term debt financing. Those advantages are strengthened, he said, by five- to 15-year terms at a time when interest rates are at all-time lows.<\/p>\n<p>According to its 2012 annual report, Q-Park operates 5,939 parking facilities totaling more than 860,000 spaces in 10 European countries. Of those, 22 percent are owned, 57 percent are leased and 21 percent are managed. The company operates more than 305,000 spaces in Sweden, more than 110,000 in France, nearly 95,000 in the Netherlands and more than 86,000 in Germany.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prudential Mortgage Capital Co. has provided $324 million of financing to Q-Park, Europe\u2019s second-largest parking company, secured against a portfolio of 13 parking structures, totaling about 8,900 spaces, in the Netherlands.<\/p>\n","protected":false},"author":882,"featured_media":1004087524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21783,21742],"tags":[],"class_list":["post-1004087512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","category-investment","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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