Deutsche Pfandbriefbank provides EUR 70m for Catalyst deal in UK

German real estate lender Deutsche Pfandbriefbank has provided a £59.51 mln (EUR 70 mln) facility to a special purpose company owned by Catalyst European Property Fund for the acquisition of the Stratford Shopping Centre from Land Securities Group. The transaction was signed on 20 August 2010 and funded on 16 September 2010.

This is the first purchase by the Catalyst European Property Fund in over two years, and the fund is reportedly actively seeking to make acquisitions in France, Germany, Poland and Italy.

The 29,700-m² Stratford Shopping Centre is located on Broadway in Stratford town centre and is fully leased to 60 retailers. The disposal includes Morgan House, an adjoining 20,500-m² office building and future development site.

Harin Thaker, head of International Real Estate Finance at Deutsche Pfandbriefbank said: 'Catalyst is a long standing client of the bank. This deal underlines our commitment to support our clients and is an endorsement of Catalyst’s skills in active management.'

Ilan Goldman of Catalyst Capital, managers for the Catalyst European Property Fund, added: 'We are grateful for the support and continuity shown to us by PBB over the years across Europe, so it is very encouraging that our re-entry into the retail sector in Britain should be with this bank. Now we’re looking forward to getting to work in Stratford.'