German lender Aareal has provided €163 mln in refinancing facilities to Pradera European Retail Fund (PERF).
German lender Aareal has provided €163 mln in refinancing facilities to Pradera European Retail Fund (PERF).
Pradera said the refinancing for its first fund relates to seven shopping centres in Spain and one in Italy, increasing the fund’s weighted average debt term to approximately four years.
JLL and Spanish law firm Uria Menéndez acted for Pradera, with Spanish Law firm Cuatrecasas representing Aareal.
PERF is a specialist property fund with a core-plus risk-return profile focused exclusively on the retail property sector in southern Europe. Launched in December 2000, the fund initially had an eight-year life which was extended for a further 10 years in 2009. It consists of thirteen retail properties across Italy, Spain and Greece with a current Gross Asset Value (GAV) of €400 mln.