German banks provide EUR 48m financing for Polish mall

Deutsche Pfandbriefbank and Westdeutsche ImmobilienBank (Westimmo) have provided Arka Property Funds with a EUR 48.5 mln investment financing for Alfa Shopping Centre in Olsztyn, Poland.

The transaction was successfully arranged, underwritten and completed in a club deal structure on 17 November 2009. Deutsche Pfandbriefbank acted as facility agent. In addition, Westimmo provided a PLN 25 mln (EUR 6 mln) VAT facility.

Alfa Shopping Centre, which has a total rentable area of over 24,500 m2, is the premier retail destination and comprises four floors above ground and the only multi-screen cinema in the city. The scheme is fully let to over 100 international and national retailers.

Olsztyn, with approximately 176,000 inhabitants, is located in north-eastern Poland and is the capital of the Warmia and Masuria districts.