Amvest

Financial Adviser

Van Lanschot Kempen acted as Financial Adviser to Amvest for the issuance of a €300 million inaugural green bond

Transaction highlights

Amvest Residential Core Fund (ARC Fund) successfully issued a €300 million inaugural green bond.
The euro-denominated notes are issued to a large group of high quality institutional investors, with a maturity of 5.5 years and a fixed-rate coupon of 3.875%, reflecting ARC Fund’s investment grade credit profile.
The inaugural green bond issuance concludes the transition of the ARC Fund to a diversified funding structure with access to debt capital markets. During this transition Van Lanschot Kempen has supported Amvest with strategic advice on the planning, structuring and execution of this transition. Since July 2022 it has acted as Financial Adviser for:
- A €450 million sustainability linked unsecured revolving credit facility, July 2022
- A €135 million U.S. Private Placement, November 2023
- A €750 million extension of credit facilities, July 2024
- A Moody’s rating of Baa2 with a positive outlook, August 2024
- A €300 million inaugural green bond, September 2024
Niclas von der Thüsen, Director Finance & Risk at Amvest: “Supported by the new investment grade credit rating with positive outlook, we successfully optimised our debt funding structure and gained access to new debt markets. Our diversified debt funding platform provides a solid basis to support further growth of our portfolio of modern affordable housing.”

The ARC Fund is the largest investment fund managed by Amvest. The ARC Fund was established in 2012, Pensioenfonds Zorg en Welzijn (PfZW) and a.s.r. are the largest shareholders.
The ARC Fund has a size of €4.3 billion and has a particularly sustainable portfolio and, due to its active portfolio management, is well on track to meet the requirements of the Paris Proof roadmap.
The ARC Fund targets a conservative leverage ratio of 25%. Following this transaction, the ARC Fund has further diversified its debt capital structure of €1.5 billion (partly undrawn) and creates room for further growth.

Van Lanschot Kempen has advised on more than €100 billion in real estate transactions across 15 different countries in Europe in the last 10 years. Since 2020 to date, Van Lanschot Kempen advised on more than 110 transactions across different countries, representing a total deal value of over €30 billion in a challenging and unprecedented environment.
This transaction marks Van Lanschot Kempen’s twenty-first Debt Advisory transaction since the summer of 2022, with a combined deal value of €4.6 billion.