The Y-Towers development will consist of a four-star hotel, congress centre and residential towers with a market value of €360 mln. Construction costs for the project, which is due for completion at end-2020, are put at €200 mln.
The Austrian investor-developers, Invester United Benefits and IES Immobilien, said they initially approached a number of German and Austrian banks before obtaining the full senior loan from the two Dutch banks.
ABN Amro and Rabobank are providing around €180 mln – equally shared between the two banks – of which €150 mln is being guaranteed under the Dutch government’s enterprise programme. The financing deal was signed during the Provada trade fair in Amsterdam at end-May.
‘The German and Austrian banks we approached around three years ago wanted to co-finance the project with a Dutch partner,’ explained Franz Kollitsch, founder and CEO of…
