German lender pbb Deutsche Pfandbriefbank has provided a £34.45 mln (EUR 56 mln) credit facility to AREA Property Partners, F&C REIT Asset Management, and Turkey-based ESAS Holding for the acquisition of the Halton Lea shopping centre in Runcorn, Cheshire, and a parade of retail units and office suites in Stevenage, in Hertfordshire, both in the UK. The transaction closed on 12 May 2011.
German lender pbb Deutsche Pfandbriefbank has provided a £34.45 mln (EUR 56 mln) credit facility to AREA Property Partners, F&C REIT Asset Management, and Turkey-based ESAS Holding for the acquisition of the Halton Lea shopping centre in Runcorn, Cheshire, and a parade of retail units and office suites in Stevenage, in Hertfordshire, both in the UK. The transaction closed on 12 May 2011.
The Stevenage town centre retail parade of 29 shops and four office suites totalling 85,000 sq ft (7,900 m2) boasts tenants including Topshop, Vision Express and Vodafone. The 496,000 sq ft Halton Lea shopping centre in Runcorn, is anchored by Tesco. Both assets were acquired from St Martins.
'F&C REIT Asset Management and AREA Property Partners are both longstanding pan-European clients of the bank, and we look forward to working with them again in the future. F&C REIT Asset Management is well positioned to enhance the value of these well-located properties with its strong asset management track record,' said Harin Thaker, head of Real Estate Finance International at pbb Deutsche Pfandbriefbank.
