German property lender pbb has provided a £28 mln (€40 mln) loan to the Episo 3 fund managed by Tristan Capital Partners to finance its acquisition of two retail parks in the UK.
German property lender pbb has provided a £28 mln (€40 mln) loan to the Episo 3 fund managed by Tristan Capital Partners to finance its acquisition of two retail parks in the UK.
The medium-term facility reflects a loan-to-value of over 60% and was provided to finance the acquisition of the Hatters Way retail park in Luton and the Hylton Riverside retail park in Sunderland, which together total around 204,950 sq ft (19,045 m2) of space.
Pradera is acting as asset manager to the transaction.
Hatters Way is an established retail park with a total lettable retail area of 83,350 sq ft and some 370 parking spaces. Main tenants include retailers such as DFS, Carpetright and Harveys. In total there are 13 retail units.
Hylton Riverside is a retail park with a diverse tenant mix, including furniture, clothing, discount retailers and restaurants including Matalan, Poundstretcher and Aldi. The park offers around 121,600 sq ft of lettable area and 580 car parking spaces.
Tristan bought the two parks in September from Hercules Unit Trust for a total of £45 mln (€61 mln).
