BayernLB and pbb Deutsche Pfandbriefbank have granted a £140 mln (EUR 166 mln) financing for the Southside shopping centre to the Metro Shopping Fund, a joint venture between clients of Delancey and Land Securities.
BayernLB and pbb Deutsche Pfandbriefbank have granted a £140 mln (EUR 166 mln) financing for the Southside shopping centre to the Metro Shopping Fund, a joint venture between clients of Delancey and Land Securities.
BayernLB and pbb Deutsche Pfandbriefbank acted as Joint Arrangers. BayernLB is the agent to the facilities and each lender is providing an equal share of the transaction.
The facilities are structured as an initial investment loan with additional facilities which will be available following the completion of the development of a number of additional units at the centre.
The Southside scheme is located in southwest London and comprises 530,000 sq ft (50,000 m2) of net lettable space. The centre also boasts a 14-screen Multiplex cinema, a healthclub and parking for 1,200 cars, leased to NCP. The centre has planning permission granted for the 33,000 sq ft development of a vacant site on Garratt Lane, creating six new restaurant & retail units.
Furthermore, Deutsche Pfandbrief has provided a £31.2 mln loan for the Metro fund's Shopstop mall at Clapham Junction. The fully-let centre comprises a health and fitness club, bars and 20,000 sq ft of office space.
