Deutsche Asset Management has closed the €71.5 mln financing of Nassica, a hybrid retail and leisure park in Madrid, Spain for a joint venture between TIAA and Neinver SA, on behalf of its senior real estate debt fund.
Built in 2002, Nasicca comprises 53,000 m2 across 44 retail units in Getafe, Southern Madrid and was extensively refurbished in 2015. Retailers including Carrefour, MediaMarkt and Toys R Us.
'We are very pleased to support TH Real Estate in the successful acquisition of Nassica and look forward to working with them during their tenure with the asset,' commented Andrea Vanni, Head of European Real Estate Debt Investments, Deutsche Asset Management. 'The facility reinforces the ability of our debt platform to provide carefully structured acquisition finance against a quality asset within a tight timeframe.'
The Nassica deal was unveiled in November, on the same day that Neinver and TIAA announced an investment in six outlet assets, including a Style Outlets centre positioned next door to Nassica in Getafe.
Deutsche AM said that its real estate debt business also recently completed the €57 mln refinancing of a Mayfair portfolio in London, in addition to a new fund mandate for €750 mln for a German institutional client.
The total volume of Deutsche AM’s real estate debt business comes to €2 bn as at 7 November, 2016.
