TPG Extends Loan On Life Sciences Portfolio After Value Drop
TPG has triggered a one-year extension to the debt secured against a portfolio of eight life sciences assets in the Netherlands and Germany valued at €302M, or £251M.
A notice to bondholders said that TPG was extending a €189M senior loan secured against the assets, one of the largest life sciences portfolios assembled by a real estate firm in continental Europe. The loan is scheduled to mature on 25 February.
There is also a €76M mezzanine loan secured against the portfolio, taking the total debt to €265M, an 88% loan-to-value ratio. The notice to bondholders did not specify whether the mezzanine loan was being extended as well.
Goldman Sachs provided the senior loan as part of a refinancing of the portfolio in August 2022, at which point it was valued at €354M. Since then, the value has fallen to €302M, according to an investor report in January.
The value drop comes despite vacancy in the portfolio dropping from 7.1% to 3.6% and income rising from €18.1M to €19.6M.
The portfolio comprises six assets in Leiden in the Netherlands and two assets in Munich, Germany. The portfolio totals 891K SF.
The extension will take the loan maturity to February 2026, with the option of a further one-year extension.
