Niels de Ru leads the banking group at Allen & Overy LLP, which continues to handle high-value financing work for several large corporates. Recent work has included rescue funding to deal with the impact of Covid-19, both from government initiatives as well as traditional financial institutions, acquisition financing, and large-scale refinancings. Other key names within the team include syndicated lending and leveraged finance specialist Femke Bierman and the firm’s former global banking practice head Andrew Thomas. The practice is also home to notable associates in the form of Erik-Jan Wagenvoort and English law-qualified Luke Whibley, both of whom are recommended for cross-border leveraged finance.
Banking and finance: Borrower side in Netherlands
Allen & Overy LLP
Niels de Ru
Other key lawyers:
Femke Bierman; Andrew Thomas; Erik-Jan Wagenvoort; Luke Whibley
KONINKLIJKE DSM N.V.
Kids Foundation Holdings B.V
- Acting for Suit Supply in connection with business disruptions relation to Covid-19, including obtaining new liquidity to continue with its operations and a financial covenant reset.
- Advising ASML on a receivables purchase agreement, issuance of true sale legal opinions in all jurisdictions involved and a review of the underlying commercial contracts containing the receivables.
De Brauw Blackstone Westbroek remains one of the strongest firms in the Dutch market for borrower-side financial mandates, with a client base that includes many of the largest domestic corporates, in addition to several notable international players. Menno Stoffer leads the group, and has recently led several of the firm’s largest refinancing mandates. Other key names within the practice include Ferdinand Hengst, who is particularly recommended for insolvency-sensitive work, and Niek Biegman, who splits his time between the firm’s Amsterdam and London offices, and is a key figure in many of the firm’s cross-border mandates.
Other key lawyers:
Ferdinand Hengst; Niek Biegman
‘They always make sure to put the right person with the relevant level of seniority on the job and get the right specialists involved in the matter.’
‘Menno Stoffer is probably the best restructuring lawyer in Holland. His advice has the right balance between commercial interests and compliance with relevant legislation.’
Royal Dutch Shell
ABN AMRO Bank
Coöperatieve Rabobank U.A.
Royal Ahold Delhaize
Signify (previously Philips Lighting)
Carlyle Investment Management
- Advised Boels Rental on the multi-tranche €1bn acquisition financing for the public offer on Cramo PLC.
- Advised LeasePlan Corporation on the issuance of €1.85bn high-yield bonds.
- Advised Dutch retailer Hema on a bond restructuring.
Clifford Chance acts for large-scale borrowers active in a wide variety of industry sectors, with significant recent mandates in energy financing, acquisition financing for private equity, and real estate financing. The firm is also recommended in regard to its work for consortiums of multiple corporates, handling large-scale acquisition financing. Titus de Vries heads the group, while other key names within the team include Folko de Vries and Hein Tonnaer. Jelle Hofland is also noted.
Titus de Vries
Other key lawyers:
Folko de Vries; Hein Tonnaer; Jelle Hofland
‘Expertise; reactive; international.’
Gilde Buy Out Partners
Hemisphere International Properties B.V.
IK Investment Partners
Dentons further expand its banking practice with the arrival of Arno Voerman and Pien Kerckhaert from Van Doorne and Finnius respectively. The firm is particularly recommended for cross-border work, with a client list that includes several large private equity funds as well as multinational corporates. Marcel Janssen heads the practice, and handles a wide range of borrower-side work including acquisition financing and real estate financing. Jacqueline Bell is also recommended, particularly for her work in relation to matters with an English law component.
Other key lawyers:
Jacqueline Bell; Arno Voerman; Pien Kerckhart
Kohlberg Kravis Roberts
TBM Europe B.V.
- Advising New York-based private equity firm KPS Capital Partners in respect of the financing of the $1.8bn acquisition of a group of Dutch companies.
- Advising Bluefield on the acquisition, development and financing of a Dutch ground-mounted solar park.
- Advised a global hotel investor on the $103m financing of a landmark property in Amsterdam which is being redeveloped into a five-star ultra-luxury hotel.
Loet Venrooy leads the finance team at Houthoff, which is particularly experienced in high-value refinancing mandates, and frequently handles cross-border deals, with particular jurisdictions of focus including the US, the UK, and Germany. Other key names within the team include André de Neve and Jessica Terpstra; the latter splits her time between the firm’s Amsterdam and London offices, and is particularly recommended for work that involves a UK element.
Other key lawyers:
Jessica Terpstra; André de Neve
‘Loet Venrooy, heading the practice, has a unique experience in advising on borrower-side financing work. He is a great problem solver and his knowledge of how to get things done is unparalleled. Venrooy moreover offers his clients an unparalleled degree of specialisation.’
‘Jessica Terpstra is admirable for her technical expertise and her wide ranging knowledge in the lending sphere, which is one of the best in The Netherlands. Her pragmatic and sharp advice is another key success factor for Houthoff.’
Municipality of Amsterdam
ABN AMRO Bank
Bank of America Merrill Lynch
Bank of China
Attestor Capital LLP
- Advised Nexperia on the $1.5bn underwritten refinancing in connection with the acquisition of Wingtech of the majority interest in the Nexperia group.
- Advised Van Oord on its €400m financing completed in April 2015 and then subsequently assisted the client vis-à-vis the lenders in its negotiations concerning an amendment to the financing documentation which was completed in mid-2019.
- Advised Petrobras Global Trading on of a $3.25bn revolving loan and letter of credit facility agreement.
NautaDutilh remains a strong presence in the borrower-side financing sphere, with a range of large domestic and international clients. The firm is particularly experienced in acquisition and real estate financing, with Rotterdam-based practice head Arjan Pors particularly noted for such work. The firm is also frequently instructed to serve as Dutch counsel in matters involving the US, with Elizabeth van Schilfgaarde advising on the Dutch law aspects of financial restructurings and acquisition financing, often alongside counsel Janneke de Goeij.
Maarten de Bruin, who is highly recommended for real estate financing, leads the finance team at Stibbe alongside Rein van Helden, who focuses on cross-border leveraged finance, syndicated lending deals, and financial restructuring. The firm is highly active in both cross-border and domestic matters, with a client list that includes several high-profile names on both the corporate and private equity sides. At the associate level, key names include Robert Steeg and Suzanne van Boheemen, both of whom are highly knowledgeable on the interplay between Dutch and US law, having practised in New York.
Maarten de Bruin
Other key lawyers:
Rein van Helden; Robert Steeg; Suzanne van Boheemen
‘Excellent service and expertise.’
‘Robert Steeg, excellent and client focused.’
British American Tobacco
Intercontinental Exchange (ICE)
KPS Capital Partners
Opel Financial Services
- Advising insurance and reinsurance group Athora on all finance aspects of its acquisition of Vivat from Anbang, and the related sale of Vivat Schadeverzekeringen to NN Group.
- Advising Adevinta on all finance aspects of its acquisition of eBay Classifieds Group for a value of approximately $9.2bn.
- Advising Peugeot on all finance aspects of its €40 billion 50/50 cross-border merger with Fiat Chrysler Automobiles N.V.
The finance practice at Baker McKenzie is particularly notable for its work in cross-border matters, with the Dutch outfit frequently acting as local counsel for the firm’s international network, in addition to leading roles on several multijurisdictional deals. The borrower-side offering is led by counsel Fedor Tanke and legal director Martijn van der Vliet, who are highly experienced in refinancing, real estate financing and acquisition financing.
Fedor Tanke; Martijn van der Vliet
J.H.F. Schopman B.V. & AHAM Vastgoed B.V.
Grand City Property GmbH
The Procter & Gamble Company
ALLSAFE MANAGEMENT B.V.
- Assisted J.H.F. Schopman and AHAM Vastgoed as borrowers on the €60m third tranche real estate financing by Deutsche Hypothekenbank in addition to the existing €170m financing of the Amsterdam-based real estate portfolio of J.H.F. Schopman managed by Aham Vastgoed.
- Assisting Grand City Properties with the equity financing of the Titan Project by Grand City Property and its subsidiaries.
- Advising GS Netherlands Bright and GS Netherlands Bright GP on a €38.5m financing of the Bright short stay residential tower on an iconic land plot in Rotterdam Zuid, and the related security and property documentation.
CMS represent clients in a wide range of cross-border work, with a particular focus on multinationals active in the real estate and hospitality sectors. Eduard Scheenstra leads the team, and has a practice that encompasses acquisition financing, refinancings, and development financing. In 2020, the team saw the arrival of Etienne Courbois from Allen & Overy LLP.
Marc van Zanten; Eduard Scheenstra
Other key lawyers:
‘Excellent, efficient, highly skilled work, great result.’
‘All team members were effective and very professional, very professional and calm management of everything.’
ABN AMRO Bank N.V.
ING Bank N.V.
Deutsche Bank AG
Münchener Hypothekenbank eG
Deutsche Pfandbriefbank AG
Raiffeisen Bank AG
Erste Group Bank AG
Wells Fargo Bank, National Association
Aspen Real Estate Investment B.V.
Oaktree / Kadans
Aareal Bank AG
RCI Financial Services (Renault)
Sberbank of Russia
- Advised citizenM Hotels on its financing arrangements related to new hotels in Amsterdam (Amstel) and Paris (La Défense).
- Advised Kadans Science Partner, a portfolio company of Oaktree Capital Management, and leading investor in the Dutch science real estate market on the refinancing of its entire portfolio by Berlin Hyp and the development financing to be provided by ABN Amro Bank.
- Advised Nuveen on the purchase of a school building by way of a share transaction, assisted with the financing works and drafted the development agreement.
Leveraged financing and real estate financing specialist Lex Oosterling leads the team at DLA Piper, which is highly active in the private equity space, with the firm handling a range of acquisition financing mandates on both a domestic and cross-border basis. English law-qualified Max Mayer is another key name within the team, along with Gerard Kneppers, who focuses primarily on project and infrastructure financing.
‘The team is very hands-on and efficiently managed by Lex Oosterling. The service is very good at competitive pricing.’
‘Experienced leveraged finance team with good knowledge of the marked combined with a pleasant pro-active and hands-on approach towards solving problems. The team is very pleasant to work with.’
‘Lex Oosterling – knowledgeable lawyer with a pro-active, pragmatic and commercial approach towards solving problems and managing the process. Very pleasant to work with, honest in his advice, great in working out solutions and an excellent focus on the commercial interests.’
‘I’ve been working with DLA’s banking and finance team for years. They always provide a good service. The team appreciates the fine line between taking into account commercial points and sitting on the chair of the principal. The team works well with other practices within DLA which is important for real estate deals.’
‘Apart from client understanding, strong quality and reasonable pricing, I believe their people/working culture makes the cooperation very pleasant and effective. I always enjoy working with the employees of DLA.’
‘Lex Oosterling: Knowledgeable on the subject, pragmatic, and solution driven in the interest of all parties. Furthermore, I consider Lex as a very friendly, attentive, and dedicated person whom you can contact any time without any hesitation.’
‘The DLA Piper banking and finance team in Amsterdam is probably the most active law firm in this space in the Benelux. They take a central role in the Benelux mid-market lending space for corporates and PE-owned borrowers, knowing everyone and always having a ton of precedents available from previous deals as a result of their high deal flow. They have a very experienced team with great lawyers on all seniority levels.’
‘The team differentiates itself from the competition by its international deal flow, its experience with alternative lending options, up-to-date knowledge on the financing markets, the quality of their documentation and their ability to stay within the budget.’
‘Lex Oosterling – Lex is an exceptional lawyer with an exceptional team. He knows how to get a deal to the finish line by applying maximum pressure sometimes and having a keen eye for the interpersonal at other times. He is proactive, creative in finding legally feasible solutions to difficult commercial discussions and the general level of all the legal work is of the highest quality.’
‘Benno Leemans – Great associate in the DLA banking and finance team. Fantastic guy to work with, very diligent and proactive in managing the legal work and the process. Rising star!
‘Max Mayer (Partner) – in my view Max is one of the strongest financing partners in the Netherlands legal landscape for financings. Given he works both for the sponsor and the financing side, he is fully aware of the commercial sensitivities each party cares about and is fully up to date on what is consider current “market standard”. He has a no nonsense approach and is able to clearly identify the key commercial hurdles and suggest solutions.’
‘Lex Oosterling (Partner) – Lex is another one of my favoured financing partners to work with. His focus is normally more on the financing side and he has a very good network within the Amsterdam market. Service levels are high and he is quick to come back to you when required.’
‘Adam Abou Habaga (Senior Associate) – Adam supports both Max and Lex and is a core member of the DLA AMS financing team. He is very capable technically and can translate finer legal points easily into commercial language. Very approachable at all times and a great asset to the overall team.’
‘The team has a thorough knowledge of our company as well as our financing arrangements which allows for tailor-made, effective and efficient support.’
‘The team I have worked with (amongst others Lex Oosterling, Ceryl Verbokkum, Tamy Howie and recently Noor Gerven) stand out by their professionalism, subject matter knowledge and customer orientation.’
Carlyle Europe Technology Partners
RAI Convention Centre
G-Square Capital Partners
TIP Trailer Europe
Actief (Gilde Equity Management)
Deutsche Finance International
Carlyle European Realty Fund
Hogan Lovells International LLP is instructed by a range of clients, including corporates and private equity funds both domestic and international, handling a wide range of financing matters. Robert Masman and Wouter Jongen head the team, and are both recommended for real estate financing work, while Jongen is also highly active in the field of acquisition finance and is dual English- and Dutch-qualified.
Wouter Jongen; Robert Masman
‘In-depth knowledge combined with a pragmatic approach make HL easy to work with. Furthermore, the team is committed and on the ball.’
‘Wouter Jongen is a practical guy who has the right skills and knowledge to close the transaction. Humour if appropriate and hard in negotiations if needed. Knowledge of the market and advises accordingly. ’
‘Very dedicated and highly committed people, up to date knowledge on the matter, strong negotiation skills, pragmatic solutions, always keeping in mind the cost/benefit analysis.’
‘Partner is easy to get in touch with at top level, always committed and available, see above (up to date knowledge on the matter, excellent strong negotiation skills, pragmatic solutions, always keeping in mind the cost/benefit analysis).’
Royal Schiphol Group N.V.
Three Hills Capital Partners
Charles Destrée heads the finance team at Lexence, which is highly experienced in acquisition financing matters, particularly in the real estate sector. The firm is also active in the investment sector, with a range of private equity-linked clients, including funds, managers and portfolio companies. Associate Bas Zandvliet is another key figure within the team.
Other key lawyers:
‘The firm is cohesive as one unit. The personal attention is much appreciated. Problem solving mode to help on on-going processes.’
‘The team is very solution-focused.’
‘The team members are very responsive.’
‘Proactive, solution-driven, efficient and fast responses.’
Gencap Partners, Inc
Modern Dental Group
Waterland Private Equity
UnieKaas Beheer B.V.
Flextronics International Europe B.V.
Kirloskar Brothers Limited
Agro Merchants Group/Oaktree
H2 Private Equity
Loyens & Loeff is frequently instructed by large-scale private equity houses and investment managers, with a particularly strong track record in acquisition financing mandates. Kitty Lieverse heads the team, while other key figures include Kim Koops, who specialises in secured lending, and leveraged financing specialist Gianluca Kreuze.
Other key lawyers:
Kim Koops; Gianluca Kreuze; Ruben den Hollander
‘The responsiveness of the team is excellent. They are always available and jump on everything quickly.’
‘Ruben den Hollander is the individual that we work with most frequently and exhibits particular responsiveness.’
‘An excellent team. Considered, commercial and proactive.’
Monarch Alternative Capital
Marathon Capital Management
Pamplona Capital Management
Main Capital Partners
Torqx Capital Partners
Rubens Capital Partners
- Advised Pamplona Capital Management on the €560m acquisition financing of a global specialty packaging manufacturer.
- Advising HighBrook Investors on the financing or refinancing of its real estate portfolios, totalling €240m in 2019.
Boutique finance firm Orange Clover Law continues to establish itself in borrower-side financing work, particularly for clients in the field of private equity. As such, the firm is often instructed on acquisition financing matters, in addition to a strong refinancing practice. Kees Hooft heads the team, handling the lion’s share of the firm's borrower-side matters, while associate Anita Koster is a name to note at the junior end.
Kees Hooft; Alex Gonzalez
Other key lawyers:
‘The team is on the ball and gets the deal done; and they stand by you when things get hot. Also easy to access for a variety of small practical pointers that really help the business move forward.’
‘Kees is highly skilled and pleasant to work with.’
Capital A (formerly ABN AMRO Participaties) PE)
Andlinger & Company (PE)
Avedon Capital Partners (PE)
Gilde Buy Out Partners (PE)
Avedon Capital Partners
- Acting as sponsor/borrower’s counsel to Triton on the acquisition and financing of Sunweb Group, a travel company, and subsequently the add-on acquisition of Corendon.
- Acting as drafting/transaction counsel for Plantise Holding on the financing of the merger combination of three established top-three nursery businesses in the Netherlands.
- Acting as borrower’s counsel to Stichting Nationaal Energiebespaarfonds, the Dutch energy reduction fund in respect of (a) its €150m guarantee facility from Rabobank and €150m additional financing from CEB and (b) its €150mln additional financing from EIB.
Simmons & Simmons
Simmons & Simmons continues to be a visible presence in the Dutch finance market, particularly for real estate financing and project finance. The firm is also frequently instructed on cross-border matters which make use of its international network, in both a leading and local counsel capacity. The team is led by Jan-Joost van Rijsbergen and Marieke Driessen, both of whom handle a range of high-value financial matters.
Jan-Joost van Rijsbergen; Marieke Driessen
Gilde Equity Management (GEM) Benelux
Global Net Lease
Plukon Food Group
Van Deursen Group
Movement Real Estate
Certitudo Real Estate
The finance team at Van Doorne remains particularly strong in the healthcare sector, where the team handles a large number of hospital financing mandates as well as acting for large pharmaceutical companies. The team is jointly led by Roel Botter and Angelique Thiele, with the former focusing on leveraged financing and public sector financing and the latter highly recommended for real estate and development financing.
Roel Botter; Angelique Thiele
‘Pragmatic and commercial; dedicated/available; efficient; client-oriented mindset.’
‘Angelique and her team are well connected and very well informed about the market. They invest in thought leadership and therefore they are seen as one of the leading firms in the Dutch market.’
‘Personal yet still professional approach.’
‘Key persons do not change. Interaction between the different legal fields works very well. ’
‘High commitment and great care. As a client, you have the feeling that you can sign without any worries because the lawyers have thought about all relevant aspects.’
Cromwell Property Group
Stern Groep N.V.
TransIP / team.blue
VU Medical Centre
- Advised BentallGreenoak’s global investment platform on a series of acquisitions and acquisition financings relating to a number of Dutch logistic and office properties acquired (and in some cases subsequently sold) by BentallGreenoak for its Europe Funds.
- Acted for McArthurGlen on a number of financings and refinancings, for Roermond and its outlet in Roosendaal.
- Assisted Mogelijk Vastgoedfinancieringen (Mogelijk) – a major Dutch P2P property lending platform – with the launch of its buy-to-let financing activities in the Netherlands.
BarentsKrans acts primarily for domestic corporates, handling a wide range of work including leveraged financing, amendments to existing loan agreements, and Covid-19-related financing deals. Jason van de Pol leads the team, and is particularly recommended for acquisition and leveraged financing work.
Jason van de Pol
Other key lawyers:
‘Practical approach in delivering the correct approach and knowledge.’
‘You are not just another client, they have a personal approach and are in it for the long term.’
‘Great team around banking and finance partner Jason van de Pol. Dedicated team, very thoughtful and detail oriented but at the same time super practical and responsive. Real deal makers, love to work with them. You always feel like first priority!’
‘Jason van de Pol: Great lawyer, very dedicated, top-notch legal advice but at the same time very practical and responsive.’
‘His team is complemented by Nuray Aslan who I think is going to be a future leader of the firm.’
Aramco Overseas Company
BNG Bank N.V.
BMW Financial Services
Borealis Hotel Group
Daily Logistics Group
McDermott Will & Emery
Mid Ocean Group
Silver Plaza Leisure Experience
Urban Gym Group
White & Case
Zwanenberg Food Group
- Advised Zwanenberg Food Group on its group financing with a consortium of banks, entailing amongst other things a senior facilities agreement and an asset-based facility agreement, as well as on its subsequent acquisition of Struik Foods Europe.
- Advised Borealis Hotel Group on the combined equity and debt financing provided by Three Hills Capital Partners.
- Advised Quintes Holding on the amendment and restatement of its facilities with Crestline Investors, Inc. and Dexteritas Capital Partners.
Martijn Koot heads the finance team at Heussen B.V., and focuses her practice on cross-border syndicated lending, acquisition and leveraged financing mandates. Tim Schreuders is recommended for refinancing and other financial restructuring matters, particularly in connection with acquisitions. Cross-border matters are a particular strength for the firm, with dual-qualified senior associate Sandy van der Schaaf heading up the German desk.
Other key lawyers:
Tim Schreuders; Sandy van der Schaaf
‘The Heussen team has an in-depth knowledge of cross-border financings involving multiple jurisdictions. They offer practical advice and solutions on complex issues. They know what it takes to get the deal done.’
‘The Heussen team is incredibly responsive. They are acutely aware of timing considerations, including differing time zones, and routinely go above and beyond expectations. They are also incredibly practical, routinely finding unique solutions to overcome obstacles. Their work product is always complete and we do not have to follow up with them for their deliverables.’
‘Excellent written communication skills coupled with first class command of their local law security regime. ’
‘Martijn Koot and Sandy van der Schaaf routinely assist our firm as local Dutch counsel. Notwithstanding the time zone difference between us, they are always available for a call, and consistently come prepared to add value.’
‘The Heussen team has been very valuable to us in assisting with complex matters related to financing. The Heussen team has the knowledge to help with all matters that arise and we continue to recommend Heussen. ’
‘Two individuals stand out to us at Heussen and they are: Martijn Koot; Sandy van der Schaaf.’
‘Heussen: very professional and experienced lawyers with a pragmatic vision of the law with a reduced bureaucracy.’
‘Hard working, experienced, not 9-5, practical, and good cost compared with firms of the same level.’
Agnico Eagle Mines Limited
Vantage Drilling International
Yamana Gold Inc.
Fotowatio Renewable Ventures
International Flavors & Fragrances (IFF)
First Majestic Silver Corp.
- Advised Agnico Eagles Mines Limited, a Canadian-based gold producer, as Dutch legal counsel on a $200m senior notes offering.
Stek is highly active in the field of leveraged and acquisition financing, primarily for Dutch corporates, with a strong track record in the healthcare sector. The team is led by Maarten van der Graaf, Herman Wamelink, Frans Haak and Sharon Kaufmann, with van der Graaf and Wamelink focusing mainly on the firm's cross-border work in collaboration with international firms.
Maarten van der Graaf; Frans Haak; Sharon Kaufmann; Herman Wamelink
‘Very responsive and commercial. Great lawyers.’
‘Maarten cuts straight to the issues and is a great lawyer.’
Egeria (and various portfolio companies)
Standard Investments (and various portfolio companies)
Bencis (and various portfolio companies)
BlackFin (and various portfolio companies)
Fletcher Hotel Group
- Advised Wagram on the financing of its acquisition of cream liqueur manufacturer Creamy Creation as a divestment of FrieslandCampina.
- Advised Fletcher Hotel group on an amendment of its financing, as a result of the impact of the Covid-19 virus on the leisure sector; in addition to shareholder funding, this includes a Go-C facility, being a government guaranteed facility set up to mitigate the liquidity impact of the Covid-19 virus.
- Advising Farm Frites on an amendment of its financing in view of the impact of Covid-19 on its business.
Robin van Driel leads the borrower-side financing team at Van Benthem & Keulen, which is particularly recommended for refinancing work, as well as the financing of real estate portfolios. Other key names to note within the team include Frank Richel, who oversees the broader banking and finance group, and Danielle Martens, who primarily focuses on regulatory matters.
Robin van Driel
Other key lawyers:
Frank Richel; Danielle Martens
‘VBK has a team which combines in-depth knowledge with a very pragmatic approach. Client never gets the feeling hours are being spent for the sake of it, advice is concrete and to the point.’
‘Robin van Driel: prime position in negotiations with the lender team, can be firm when necessary. Robin Thevissen: always willing to dig in, get to the answers, very detailed approach. Also very open and friendly.’
Emil Frey Nederland
Cambridge Education Group
Kadans Holding B.V.
- Advising Ardagh group and Trivium Packaging, as Dutch counsel, on an asset-based lending facility and notes issuance of Trivium Packaging, a newly Dutch incorporated joint venture in which Ardagh’s Food & Specialty Metal Packaging business is combined with the business of Exal Corporation.
- Acting as lead counsel to Metroprop on a €71.8m and a €23m multiple real estate portfolio financing (retail and offices) by Deutsche Pfandbriefbank AG.
- Acting for DCV on a €29.2m real estate portfolio financing by Hypo NOE Landesbank Für Niederösterreich und Wien AG.