Evans Randall, the privately-held UK investment banking and private equity group, has completed a full refinancing of its senior debt position on its Königsbau Passagen shopping centre in Stuttgart, Germany.
Evans Randall, the privately-held UK investment banking and private equity group, has completed a full refinancing of its senior debt position on its Königsbau Passagen shopping centre in Stuttgart, Germany.
The transaction, which has replaced the existing facility from HSH Nordbank, includes a senior facility from Allianz for €145 mln at a fixed rate just on 3.5% per annum and with no amortisation for the first two years.
European Real Estate Debt II S.à.r.l, advised by DRC Capital has also provided a mezzanine facility of €37.5 mln.
Both facilities are for a seven year term.
Working closely with its shopping centre manager ECE, Evans Randall has recently added a high-end food lounge development which opened in August last year fully let. The area generates income of over €700,000 per annum, equating to €14 mln in terms of additional capital value.
Located alongside the historic Königsbau building, built in 1856 and formerly home of the Stuttgart Stock Exchange, Königsbau Passagen is the largest shopping centre in Stuttgart, with more than 3.3 million people living in its catchment area. It comprises 26,000 m2 of prime retail space in more than 70 shops, 18,000 m2 of prime office space and car parking below the centre with 415 spaces.
