UK real estate investor Boultbee has announced the restructuring of the loan for the largest retail property acquisition of 2007. The transaction involved Boultbee and Lehman Brothers buying the Centrum Kompaniet portfolio of 10 shopping centres from the municipality of Stockholm for SEK 10 bn (then about EUR 1 bn ).
UK real estate investor Boultbee has announced the restructuring of the loan for the largest retail property acquisition of 2007. The transaction involved Boultbee and Lehman Brothers buying the Centrum Kompaniet portfolio of 10 shopping centres from the municipality of Stockholm for SEK 10 bn (then about EUR 1 bn ).
Finance was provided by the Royal Bank of Scotland and Lehman Brothers. The financial structure of the portfolio came under pressure after Lehman Brothers collapsed in 2008.
Negotiations with the lenders have been ongoing for a long time, with a final agreement reached at a meeting last week. 'We are pleased to announce that a restructure has been achieved, Boultbee is excited about the future of the portfolio,' said a Boultbee spokesperson.
The shopping centre portfolio comprises Tensta, Rinkeby, Hässelby Gård, Älvsjö, Högdalen, Bredäng, Västermalmsgallerian, Ringen, Fältöversten and SKHLM. The portfolio provides a total lettable area of around 350,000 m2.
Boultbee was founded in 1987 by brothers Steve and Clive Boultbee Brooks to invest in shopping centres, offices and prime industrial property. Boultbee has recently restarted buying in the UK and is working to put together a new £250 mln portfolio of prime retails and industrial assets.
