London—Dentons has advised Värde, as arranger, on the €112 million term loan facility to companies in the Ghelamco Group, a European real estate investor and developer. UK-based Trimont Europe Limited acted as third party security agent and facility agent.

The facility has been used to refinance the property known as The Wings, which is located close to Brussels airport, Belgium. Opened in early 2024 and hailed as a "sustainable masterpiece", The Wings contains 50,000m² of office space and a hotel wing, restaurants and fitness facilities, and holds BREEAM 'Excellent', WELL 'Gold' and DGNB 'Gold' certifications.

The Wings is the first building in Belgium to generate its own geothermal energy and consumes no fossil fuel. The building itself generates the energy needed for all in-house business and amenities.

Värde is a leading global alternative investment manager specialising in credit and credit-related assets. It has invested more than US$100 billion across the credit quality and liquidity spectrum in both public and private markets, and currently manages US$17 billion in assets with teams in North America, Europe and Asia Pacific with a focus on real estate, asset-based finance and corporate credit.

Dentons' London-based Real Estate Finance partner, Joe Byron Evans, who led on the transaction, said: "It was a pleasure to advise Värde on the refinancing of this trophy asset and it showcases Dentons' cross-border real estate finance capabilities. This was another fantastic opportunity to work with the Värde real estate finance team and we were delighted to collaborate with all parties to deliver a successful outcome on this structured transaction in the required timeframe."

Joe Byron Evans co-led the transaction with Real Estate Finance partner James Ingham, with associate Imogen Beaver also advising from London. Belgian law advice was led out of our Brussels office, with partner Nora Wouters leading, supported by associate Domien Kriger and junior associate Martijn Segers. Partner Catriona (Kitty) Lloyd and associate Kristin Da Costa advised Trimont in its capacity as security agent and agent.

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