ING finances MCAP's entry into the Portuguese real estate finance market
ING, acting as sole lender, has provided the long-term financing to an affiliate of MCAP Global Finance (UK) LLP, the UK subsidiary of the New York based investment manager Marathon Asset Management, L.P. (“Marathon”) to support their acquisition of a real estate portfolio, including the iconic Marconi and Santa Maria buildings in Portugal. This deal cements ING’s position as a real estate financer in the Portuguese market as it financed more than EURO 150 million in the office building sector in the last year.
The EURO 43.5 million bilateral loan is for five years. The whole portfolio comprises a gross leasable area of 30,323 m2 and an estimated market value of EUR 80 million, approximately.
The office real estate market is a growth area in Portugal with the increasing demand of multinationals that want to strengthen their presence in the country as well as the limited amount of core assets.
Julián Bravo, Head of Real Estate Finance of ING Spain and Portugal. “We are extremely proud to have been selected as sole lender for such a renowned investor in their first real estate finance project in Portugal. This transaction demonstrates our expertise in financing international landmark office buildings, seeking out new investor partners and our continued commitment to the real estate finance market in Portugal.”