Aareal Bank has led the €650 mln refinancing of a commercial property portfolio in Poland in what is believed to be the largest deal of its kind in CEE for several years.
Aareal Bank has led the €650 mln refinancing of a commercial property portfolio in Poland in what is believed to be the largest deal of its kind in CEE for several years.
The portfolio comprises 28 shopping centres, retail parks and hypermarkets across Poland with a net lettable area of just under 708,000 m2. The properties are largely leased to affiliates of German supermarket group Metro. The value of the portfolio is around EUR 1.2 billion
The borrowers are various special-purpose entities of an investor consortium consisting of Apollo Rida, Area Property Partners and Axa Group.
The consortium includes German banks Aareal, Deutsche Pfandbriefbank Helaba and Hypothekenbank Frankfurt. The other members are Polish lenders Bank Pekao and Bank Zachodni WBK, a (member of the Santander Group).
Aareal Bank as mandated lead arranger, facility and security agent has taken on a loan tranche of €250 mln.
Helaba and Deutsche Pfandbriefbank functioned as co-Arranger, providing €100 mln each. The three other banks have taken part as lenders in the syndicate with differing loan totals. Apart from the senior tranche of €650 mln, the total refinancing includes a further subordinated loan of €55 mln, which members of the investor consortium are providing.
