NIBC provides tailor-made bilateral loan facility for ECR

Client
European Care Residence Hotels (ECR) B.V. (“ECR”) is the largest Dutch privately owned elderly care operator with 10 properties combined with a homecare organisation. ECR was founded in 2001 by current owner Paul Bijleveld. Bijleveld, with an accountancy background, was the first private elderly care entrepreneur in the Netherlands, convinced that there was room for better and more personalised care for mentally ill people. Mission and strategy is based on providing “levensloop bestendige” living and care environment for elderly people with a clear division between living and care. ECR is the only AWBZ certified private elderly care organisation (due to its own homecare organisation) and the only MVO certified organisation. ECR is well positioned to benefit from the current turmoil in the Dutch elderly care sector as a result of recent government measures. 

Finance Request
We have been asked to finance the complete refurbishment of ECR’s most recent acquisition Keningstate in Franeker. Keningstate will become the flagship property of ECR due to the spacious setting and monumental character. The 5.100m2 property (former hospital) will be converted into over an attractive accommodation with spacious apartments and all amenities and services for elderly people. Keningstate will be opened in Q4 2015.

NIBC role
NIBC aims to increase its healthcare activities and exposure by mainly focusing on the larger privately owned healthcare companies with a strong position and track record in their market segment, such as ECR. We provided ECR with a tailor-made bilateral loan facility, in close cooperation with the Province of Friesland, who also committed funds for the refurbishment of Keningstate.