NIBC finances TBI Group sale & leaseback transaction

NIBC’s Commercial Real Estate and Infrastructure & Renewables have provided TBI Group with a EUR 30 million in financing for an internal sale & leaseback transaction. TBI has used the financing to execute an internal sale & leaseback transaction related to a portfolio of around 126,000 sqm of corporate real estate, consisting of 11 offices, plus industrial and logistic properties.

The purpose of the transaction was to release part of the capital locked up in TBI’s real estate, while maintaining control of the assets for TBI’s operations. This transaction is a classic example of cross-sector cooperation between NIBC’s CRE and I&R and resulted in a structured solution, involving a hybrid of real estate and corporate financing, fully in line with NIBC’s aim to provide its clients with fit-for-purpose solutions. TBI is an attractive and reputable new client for the bank and hopefully this will result in additional business in the future.

TBI is one of the strongest Dutch construction companies, consisting of independently operating group companies active in three divisions:

• Construction & Development (a.o. JP van Eesteren, Koopmans Bouwgroep, Era Contour and Synchroon)
• Infrastructure (a.o. Mobilis and Voorbij)
• Technology / engineering (a.o. Croon Elektrotechniek and Wolter & Dros)

Together the companies generated approximately EUR 1,6 bln in turnover and they were involved in well-known projects such as: De Markthal in Rotterdam, the second Coen tunnel in Amsterdam, the Nieuwe Haagse Passage retail complex in The Hague and the new Rotterdam Central Station.