Kirkland & Ellis announced on May 14 that it advised Brookfield and Befimmo in connection with Befimmo’s offering of €475 million in senior secured notes. The proceeds from the notes were used to fully redeem Befimmo’s existing senior secured notes, extend its maturity profile, lower refinancing costs, and fund a return to Brookfield.
Befimmo is described as BeLux’s largest privately held office owner and operator. Its portfolio includes 34 office and mixed-use assets located in Brussels as well as other major cities across Wallonia, Flanders, and Luxembourg.
The Kirkland team working on the transaction included capital markets lawyers Tim Volkheimer, William Taylor, and Younes Mahmoudieh; debt finance lawyers Lloyd Robertson-Jones, Jonathan Birks, Ben Burton, Nick Parker, and Emma Shi; corporate lawyers Matthew Elliott and Gregory Scott; tax lawyers Rebecca Fine, James Seddon, Cosmos Fung, Abigail Curry, and Dan Fishbein; along with investment funds lawyer Josh Westerholm.
This refinancing effort aims to strengthen Befimmo’s financial position by extending its debt maturity profile while reducing overall refinancing expenses for the company. The transaction also supports a return of capital to Brookfield.
The move reflects ongoing activity in the European real estate financing market involving significant office portfolios.
