German lender Düsseldorfer Hypothekenbank has provided €40 mln in senior debt financing for the Rosada Fashion Outlet in the Dutch city of Roosendaal owned by Resolution Property.
German lender Düsseldorfer Hypothekenbank has provided €40 mln in senior debt financing for the Rosada Fashion Outlet in the Dutch city of Roosendaal owned by Resolution Property.
The financing will be used partly to develop an 8,000 m2 extension (Phase II) to the centre under which 45 retail units and 900 new car spaces will be added by early 2016.
Düsseldorfer Hypothekenbank sees the Netherlands as one of its core markets in the commercial real estate financing business. ‘We are convinced about the Rosada Fashion Outlet scheme. With a robust business plan prepared and executed by an experienced team of real estate and outlet center specialists, we are pleased to provide the debt financing for this scheme,’ said Christian von Villiez, spokesman of the bank’s management board. ‘Its strong cash-flow producing capacity gave us comfort to contribute to further strengthening its position in the outlet market.’
Around 45% of Phase II at Rosada Fashion Outlet is already pre-let or in advanced negotiations with leading brands. Phase I is 96% leased following recent lettings to Desigual and Dutch jeans brand Petrol Kids. The centre, which is operated by Stable International, has seen a 14% increase in sales compared with 2013 and a 10% increase in footfall over the same period.
