A joint venture between Morgan Stanley Real Estate Investing and Hamburg-based asset manager Redos Real Estate has secured €120 mln to refinance a portfolio of 16 shopping centres in western Germany.
A joint venture between Morgan Stanley Real Estate Investing and Hamburg-based asset manager Redos Real Estate has secured €120 mln to refinance a portfolio of 16 shopping centres in western Germany.
German lender HSH Nordbank is providing the financing over a four-year term for the malls, located mainly in Lower Saxony and North-Rhine Westphalia and comprising a fully leased retail area of nearly 20,000 m2.
The properties are managed and leased by the Redos Group, which specialises in retail properties.
HSH Nordbank, based in Hamburg and Kiel, is acting as sole underwriter and bookrunner for the transaction.
Peter Axmann, the bank’s global head of real estate clients, said: ‘This portfolio is characterised in particular by a consistently high occupancy rate over the past few years, which illustrates the strong demand at locations with a very good microlocation.’
