ING has agreed to underwrite two loans totalling €109 mln to finance the acquisition of two Polish retail assets by a joint venture of TH Real Estate and Neinver.
ING has agreed to underwrite two loans totalling €109 mln to finance the acquisition of two Polish retail assets by a joint venture of TH Real Estate and Neinver.
The funding comprises a five-year €80 mln senior term loan facility and an ancillary PLN 120 mln (€29 mln) VAT loan for the properties in Warsaw and Krakow.
The acquisitions were part of a strategic joint venture partnership between Spanish property company Neinver and TH Real Estate’s parent company TIAA-CREF to create a European outlet platform. The 50:50 JV was formed after Neinver bought out its previous partnership with MAB.
Factory Annopol, in Warsaw, was developed by Neinver and opened in 2013. It has 19,800 m2 of space with 102 units, in a catchment area of 2.2 million people.
The property in Krakow comprises two adjacent retail assets, the 22,000 m2 Factory Krakow outlet centre and the 19,000 m2 Futura Park retail park.
