German lender Deutsche Hypo has provided a £125 mln (EUR 140 mln) credit facility to Commerz Real for its interest in the Westfield London shopping centre. The five-year financing was provided in a club deal agreement.
German lender Deutsche Hypo has provided a £125 mln (EUR 140 mln) credit facility to Commerz Real for its interest in the Westfield London shopping centre. The five-year financing was provided in a club deal agreement.
'Our involvement underlines the importance of retail property in the current market environment,' said Andreas Pohl, board member of Deutsche Hypo.
Located to the west of central London, Westfield was opened in October 2008 and offers 150,000 m2 of space over 350 stores. The centre is 50%-owned by Commerz Real's hausInvest europa open-ended fund, which bought the stake in 2004 from the Westfield Group. The total investment in the project was EUR 2 bn, making it one of the biggest investments ever undertaken by a German fund in the UK.
