Global asset manager PGIM has provided a €325m loan to Centerscape to finance a grocery-anchored retail portfolio in Germany.
PGIM’s real estate arm said it had provided the senior loan to refinance the retail portfolio managed by Centerscape on behalf of an unnamed US state pension fund.
Jürgen Helm, head of European senior debt originations, PGIM Real Estate, said: “Driven by strong occupier and consumer demand, grocery-anchored retail continues to be an attractive investment and lending sector in Germany and beyond. We are pleased to provide financing to Centerscape, whose experience and long-term investment horizon together with the portfolio’s strong asset and tenant mix create a compelling opportunity for alternative lenders like PGIM.
“This deal underscores PGIM’s conviction in asset classes underpinned by strong fundamentals and our ability to provide tailored senior debt solutions to experienced sponsors,” Helm added.
Anton Bashtavy, head of corporate finance Germany at Centerscape, said: “We are very pleased to partner with PGIM on this financing, which we see as a strong validation of Centerscape’s strategy to focus on high-quality, grocery-anchored properties in Germany.
“PGIM’s deep expertise in senior debt and its tailored approach to structuring solutions for experienced investors make it an ideal partner for us, and we are excited to begin a long-term cooperation.”
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