Spanish REIT Lar España has refinanced the As Termas shopping centre in the northwestern Spanish city of Lugo, with a €37 mln five-year loan from Dutch financier ING.

Spanish REIT Lar España has refinanced the As Termas shopping centre in the northwestern Spanish city of Lugo, with a €37 mln five-year loan from Dutch financier ING.

JLL's Debt Advisory advised Lar España on the refinancing process.

Spanish REIT Lar confirmed in April that it had acquired As Termas, as tipped by PropertyEU in March. The company bought the 45,000 m2 regional shopping centre from the Abu Dhabi Investment Authority (ADIA) for €67 mln.

ADIA, acting through asset manager LaSalle IM, bought the shopping centre in 2005 from ING’s Spanish development arm Promodeico and hypermarket group Eroski for around €100 mln, or an initial yield of just over 6%.

Opened in 2005, the mall is anchored by a 12,000 m2 Eroski hypermarket and includes 110 shops and restaurants in the two-level gallery as well as 2,200 parking spaces. Tenants include Zara, Bershka, Cortefiel, H&M and Miro.