Cornerstone Real Estate Advisers Europe has refinanced its €1 bn Nordic retail property fund.
Cornerstone Real Estate Advisers Europe has refinanced its €1 bn Nordic retail property fund.
The real estate investment manager said it has closed a new €240 mln (SEK 2.1 bn) loan with German bank pbb Deutsche Pfandbriefbank and Nordic financial group Skandinaviska Enskilda Banken.
The latest agreement means Cornerstone Europe has secured €560 mln of new senior loans in just over seven months for its Nordic Retail Fund (NRF), a €1 bn collective investment property fund investing in a portfolio of retail assets in Finland and Sweden. It invests in 14 retail assets in Sweden and three large shopping centres in Finland, with a total lettable area of 279,000 m2.
The loans have been used to refinance the portfolio and provide fresh capital for the asset management initiatives and capital expenditure programmes Cornerstone Europe is undertaking across the portfolio.
Cornerstone Europe also closed a mezzanine loan facility arranged by DRC Capital, which can be used to balance NRF’s capital requirements across its asset base.
The latest loan follows the completion of a €60 mln facility, signed in June with SEB and Ilmarinen Mutual Pension Insurance Company, for two shopping centres located in Rovaniemi and Lappeenranta in Finland.
At end-2012, Cornerstone Europe closed a new €260 mln loan facility arranged by the Danish Mortgage Bank Nykredit Bank and secured on Helsinki's Kamppi shopping centre.
