BayernLB provides loan for outlet centre

German lender BayernLB has provided an €80 mln loan to refinance a designer outlet centre in the northern German town of Soltau.

The loan was provided to the centre’s developer Mutschler Gruppe and is structured as an initial investment facility with additional facilities which can be drawn down following the letting of additional units at the centre.

The outlet centre at Soltau is located midway between Hamburg and Hannover. It opened for trading on 30 August 2012 and provides around 65 shops with a gross lettable area of 13,500 m2 and over 1,200 car parking spaces.